This showed up on my FB page thru the Quilting FB site. The maker appears to be Irena Bluhm. She says "On this piece I used oil pastel sticks. I always use textile medium as fixative on any colored piece and lately I am using just Versatex Fixer textile medium. You can get it at Dharma Trading". Guess its a painted seahorse with a quilted background.
This little wholecloth was marked using this 10" Quilting Creations Stencil: http://www.quiltingcreations.com/store/item.asp?Category=&SubCategoryID=&GroupID=&SKU=DAY30 And quilted with Isacord thread: http://www.leahday.com/shop/product/isacord-thread-gift-set/