Ichimatsu Doll and Bottle by an unknown artist with the initials "E.M.F.," watercolor on artist paper, initaled in pencil lower right, circa likely early to mid 20th century, loose - 8 1/2" x 12"
 
I haven't discovered yet who the artist is.  But, the doll depicted is a Ichimatsu Gofun doll.  Here's what I learned about these types of dolls: "Ichimatsu dolls represent little girls or boys, usually with glass eyes and flesh-colored skin, originally made of gofun, a smooth, porcelain like substance made from ground oyster shell. The original Ichimatsu were named after an 18th-century Kabuki actor (who also had a checkerboard pattern named after him, as he wore it a lot), and must have represented an adult man, but since the late 19th century the term has applied to child dolls, usually made to hold in the arms, dress, and pose (usually with elaborately made joints or with floppy cloth upper arms and thighs). Baby boy dolls with mischievous expressions were most popular in the late 19th and early 20th century, but in 1927 a Friendship Doll exchange involved the creation of fifty eight 32 inch tall dolls, representing little girls, to be sent as a gift from Japan to the United States, and the aesthetic of these fifty eight dolls influenced dollmakers to emulate this type of a solemn, gentle-looking little girl in elaborate kimono; so, since then, many Ichimatsu dolls were made to look more like those Friendship Dolls. The exchange of dolls began when, a few years after the great Kanto earthquake of 1923 in Japan, American children sent 12,000 blue-eyed dolls to Japanese children. After that, the 58 highly ornate, beautifully crafted Japanese “Friendship Dolls” were sent by Japanese children to America. Many children wrote letters to be sent along with the dolls. These dolls toured all over America and were later distributed among museums and libraries all over the country."