The artist himself describes the painting this way:
"Under smoldering electric lights, a model in historical costume poses for eager, ambitious art students. A few of them might have real talent, some could become commercial artists, but most, unfortunately, have no future in art at all."
The painting is in the collection of the Cleveland Museum and is not on display.
Cleveland Museum page: link
Biography and works by Vibert, link.
Timeline of the electric light, link.