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Ethnic mixing is not new - this work shows a common situation in colonial Mexico in which different races came together in marriage and produced a child that at that time was labeled "mulatto". The painting is a genre scene (showing an everyday happening). The woman is wearing a rebozo (see previous AcDec post about rebozos), which indicates she is of middle- or lower-class. She is cooking and gazing affectionately at husband and son. The father also gazes down on his small son with a loving expression.
The young boy is the focal point of the composition. He is lifting a brazier so his father can light his cigar. This skillful oil painting is careful in the portrayal of each subject's body positions and facial expressions. This piece (numbered 6) (you can see the label in the upper left hand corner) is one in a series that would have comprised a set. For someone to have owned a set of paintings this size, they would have been from the more wealthy social class.
The elite felt threatened by people who mixed racially, but race relationships were complicated and confusing because you couldn't always identify a person's race just from their appearance. People of European descent (and especially those from Spain) wanted to identify strongly with their white, European heritage to maintain positions of power.
Check out this PowerPoint about art in the Colonial era.