While settling in New York, escaping from the Nazis in 1941 Ernst made a small oil on cardboard that became the basis for this large painting. Ernst had married Peggy Guggenheim who had helped him escape to the U.S. Ernst left behind his lover, Leonora Carrington, who suffered a mental breakdown as a result back in France. This painting is full of characters from the upheaval of his personal life. Carrington loved horses and Ernst and Carrington spent hours riding horses together. The horse had a special magical meaning for Carrington and her self portraits often use the image.
      There are two horse headed females in this painting so Carrington's spirit is present. Guggenheim interpreted the dainty figure in pink to be Ernst, and horse headed knight figure to be herself. Ernst changed the painting many times and none of the figures appear to be male or a depiction of Ernst, leaving this painting baffling, but exotic and beautiful.