From Wikipedia.
This is 1900 fashion - sleeves baring part of the shoulder, blouson bodice, waist band, and down turned waistline.
Keywords: 1900, Queen Elisabeth of Belgium, Wittelsbach family, Wettin family, Princess, Queen, German, straight coiffure, sweetheart neckline, quarter length bare shoulder sleeves, blouson bodice, waist band, shallow basque waistline, close skirt, necklace, brooch, bracelets, fan