Traditionally, the National Academy of Design holds it's annual exhibition in the Vanderbilt Gallery (seen in lower right) within the Fine Arts Building on west 57th Street. However, a fire in January of 1920 damage the room and the annual exhibition was held at the Brooklyn Museum that year and returned to the Vanderbilt Gallery in 1921.
Source:The Outlook Magazine online publication
In the capture below, is a picture of the jury of artist selecting works to appear in the upcoming show. By the looks of the frame on the easil... It most likely NOT Under the Winter Moon
The Fine Arts Building on West 57th Street houses the National Academy of Design, the Architectural League and the Art Student's League. It remains today as the home of the Art Student's League.