The finished oil to which this sketch relates, Queen Victoria riding out, is in the Royal Collection (O. Millar, The Pictures in the Collection of Her Majesty the Queen: The Victorian Pictures, Cambridge University Press, 1992, I, p. 83, no. 270, and II, pl. 216). Sittings for this portrait of the Queen with Lord Melbourne, Lord Conyngham and other members of the Household took place throughout 1839. Although Victoria recorded her delight in the preliminary likenesses that Grant took, her judgement on the finished product was somewhat more severe. It seems that she preferred the spontaneity of Grant's early ideas and sketches.
A similar sketch, this time showing the Queen and her horse alone, is in the Royal Collection.