Has to be 1906
Would guess that after looking at the men in the race, and the fact that different flags are worn on the front of their shirts, that it would have to be from the 1906 Olympics, as I believe (and I could certainly be wrong here) the 1896 was the first international event of its type. I would gather that the artist used a previous race event for the one seen. Perhaps the 1896, or even the 1904. Or perhaps I'm wrong completely.
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