In one sense this a very old school (pardon the pun) spanking image. There’s a classroom setting, a strict teacher and a strap being deployed at speed. However, the spankee doesn’t look like your average school girl. And her skin tight dress is certainly not the type of thing employed as a school uniform (sadly). Perhaps this is the headmistress disciplining one of the teachers for getting a little too familiar with her pupils?
The artist responsible for this is Lynn Paula Russell aka Paula Meadows. You can find a collection of her art here and her homepage here.