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My colleague @ShaneGoldmacher has identified it as a 1902 painting of Teddy Roosevelt and the German Kaiser Wilhelm II. It belongs to the Smithsonian, so is that just a print behind Trump or ... ? art-prints-on-demand.com/a/ferris-jean-leon-gerome/president-theodore-roosev.html
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Maybe a reproduction. The red chair on the left side looks much less detailed and subtle in the painting behind Trump than it does in the image in this website.