I love this piece.
It's the cover illustration, by Lucian Lowen, for a December 1961 issue of The Sphere, an illustrated British newspaper. Specifically, this was Volume CCXLVII, No. 3205a. (Yes, that's a lot of issues. The Sphere launched in January 1900 and closed up shop in June 1964.)
It's too big to scan in its entirety (on our scanner, anyway). So I framed it. It's great to look at every day, especially during the holiday season.
I can't find much about Lowen, but this is a fabulous and festive piece of work on his part. Certainly suitable for a cover illustration. The artwork itself does have a bit of a 1960s vibe, but the scene itself seems nearly timeless (except for the electric lampposts and the boxy modern buildings in the background.)
Oddly, this illustration is available as a jigsaw puzzle on Amazon.