So...it turns out I was basically right and this is Matania's sexed up version of what was, at one time, one of the most popular attractions in the VIctorian era. It's a strange story that will take us from Lord Byron to Star Trek by way of Sophia Loren.
Let's rewind. This is Mazeppa, a Ukrainian prince who, according to Byron was tied naked to a horse and pursued by wolves. As painted by Horace Vernet:
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This image was so well known in the 1830s that it could be used as the basis of political cartoons, and became a "hippodrama" . Charming prince Mazeppa became a "breeches part" for a woman, albeit subsitituted by a dummy for the final wild ride up a mountain on an untamed stallion pursued by wolves.
Fast forward to the American Civil War and Adah Isaacs Menken comes up with the bright idea of riding the horse herself while wearing a pink bodystocking.
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But according to cub reporter Samuel Clemens, soon to become Mark Twain --"she appeared to me to have but one garment on-a thin tight white linen one, of unimportant dimensions“. You can see how this worked from this still from "Heller in Pink Tights" in which Sophia Loren plays "Angela Rossini" a fictionalised verson of Menken.
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BTW the circus flyer from this film reappears in the Star Trek episode "Spectre of the Gun", extending the life of the meme far into the future.
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Menken's photos sold widely, especially to soldiers in the Civil War. She became the first pinup. Here she is in the saloon in Yellow Sky (1948):
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Menken's success propelled her to Europe, where she cultivated such literary figures as Charles Dickens (to whom she dedicated her book of poems) Algernon Swinburne and Alexandre Dumas (with whom she had an affair). Even dying of TB in Paris at the age of 33 did not slow her down as she became the most requested dead person at seances. Which brought to the attention of Sir Arthur Conan Doyle...and some have suggested that
Adah
Isaacs is the inspiration for the adventuress
Irene
Adler.