Looks like a fantasy or folk art piece to me. Neither guy looks remotely like Louis or Schmeling either.
Black guy and a white guy.
Brits did something similar over the last couple hundred years. Made up generic looking black and white figures of bare-knuckle boxers and would name one Molineaux for "Thomas Molineaux" and Cribb for "Tom Cribb".
There's even a version out there they have the names mixed up on the wrong colored boxer.
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