Both members of this club George Wesley Bellows (1882-1925)

The picture has something of this: people, competition, athlete, woman, group together, man, performance, action, sport, group, music, many, stadium, theater, recreation, dancer, stage, ballet, champion.
Perhaps it’s a painting of two men wrestling in a ring with a crowd of people sitting in the bleachers behind them and a man standing in the middle of the ring.