The subject here is after Ruben's painting Cimon and Iphigenia (1617-18), based on the tale by Boccaccio. Cimon was of noble birth, but lived coarsely until he happened upon the beautiful Iphigenia and her retinue sleeping beneath a tree. By the power of love he cleans himself up and becomes a polished and learned courtier.
The crest on the sides of the caddy is associated with many families, but David Howard thinks it likely here for the Halkett or Graham families. D.S. Howard, Chinese Armorial Porcelain, vol. II, p. 216.