Rare historical portrait study from the Russian bohemian live in Moscow in 1910-1920, it depicts Alexander Kozhebatkin (1884-1942), famous publisher and bibliophile and Natalia Yakulova (1891-1974), wife of the drawing author George Bogdanovich Yakulov (Yakuljan), 1884 Tiflis - 1928 Yerevan),famous Russian and Soviet of Armenian origin, graphic artist, stage designer and art theorist.  Yakulov was illustrator  with his avant-garde drawings for books of Koghebatkin's publisher house Alcyone in Moscow. 

Alexander Melentievich Kozhebatkin (1884-1942) was a Russian publisher and bibliophile.
In 1910, he founded the Alcyone publishing house in Moscow,  and in 1911-1912 he worked as a secretary for the Moscow publishing house Musaget. He participated in the publication of fiction, research on art, history, and philology.  

Biography of Koghebatkin in Russian see under following link from Russian Wikipedia: 

https://ru.wikipedia.org/wiki/Кожебаткин,_Александр_Мелентьевич

Georgy Bogdanovich Yakulov also known as Georgy Bogdanovich Yakulyan ( 1884, Tiflis - 1928 Erivan) - Russian and Soviet artist, painter, graphic artist, decorator, stage designer, art theorist. Close to the circle of avant-garde innovators, he actively interacted with various artistic movements (cubism, futurism, imagism, constructivism), but did not belong to any of the artistic groups, looking for his own visual method that combined the culture of the East and the culture of the West[7]. The ideas he put forward on the “theory of light and the origin of styles in art,” which were called the “theory of multi-colored suns”[8], partly coincided with the ideology of Orphism, developed by the French artist Robert Delaunay. 
Detailed info about George Yakulov and his wife Natalia see under following link in Russian: 

https://lovers-of-art.livejournal.com/263080.html

Inscription: signed and inscribed in Russian on the back of the drawing: Yakulov, .. Koghebatkin and Yakulova; on the upper right corner - the different inventory numbers.

Technique: pencil/paper, unframed.

Measurements: image 12 5/8" x 14 5/8" (32 x 37 cm), in passpartout (43 x 40 cm).

Condition: there is a spot measuring 3x1 cm, need restoration.