What a tease this painter!
He tickled the horse he just painter.
The horse, which shows the teeth is mounted by a Kosack which controls the attack of the painter. Just to their right, a devil who saw the scene laughed uproariously.
Below and to the image center is an a riding sidesaddle with both breasts. She rides a horse "laughs yellow" because he knows that his turn will come to be teased by the painter.