Billy Rose's Diamond Horseshoe was a New York nightclub in the basement of the Paramount Hotel, Times Square. Opened in 1938 by the Broadway impresario William Samual Rosenberg (Billy Rose) and continued until closure in 1951.
During it’s time it was know for lively cabaret and dance shows and whilst Billy was looking for a choreographer for a new show at the Horseshoe; Gene Kelly was recommended, Billy objected, saying that he wanted someone who could choreograph "tits and asses", not "soft-soap from a crazy Armenian" However, after seeing Kelly's performance, he gave Kelly the job, an important step in Kelly's career.
The Diamond Horseshoe was also the setting and title of a 1945 20th Century Fox musical starring Betty Grable and it was this film that was the inspiration for the colour etching shown above. I think it is Betty who appears as the central figure in the etching. The film poster associated with the picture are all bright showy and gay, in your face and can't miss type - never the less still stylish and typical of the date.
The film was usual musical feel good love story - pure entertainment. The cast included Betty Grable, Dick Haymes, William Gaxton, Phil Silvers, Carman Cavallaro, Willie Dumont, Margaret Dumont and Beatrice Kay.