help please, with "homoerotic" art in an old frame...?

I've been debating with myself (for what's probably the rather obvious reason) whether to show this and ask about it here -- or not -- and the part of me that knows there are *lots* of folks here that 'know things' about 'art in general' (unlike myself, that is) won out. It was found amongst a stack of all sorts of (mostly more conventional?!) framed items rescued mostly for the frames themselves -- this one is actually rather boring itself, made of wood now painted silvertone, which shows obvious evidence of having been 'reused' at likely more than one point in its life. It measures about 14" x 19".

The artwork within has me curious though, because it actually looks *really well done*, as such things go. It appears to be a pencil-sketch work, partly colorized with some blue on the main subject's garment (and a tiny bit of pink at a couple other places) and signed by an artist I can only make out the "Noel" part of. (pic 2) It is highly detailed (including the portions behind the post-its applied for these pics) in its depictions of three male subjects and was obviously drawn by a talented artist, somewhere, sometime.

And I'm aware there's such a thing as "homoerotic art", some of which seems to be done in a similar general pencil sketch style...and that indeed some of it is likely highly collectable and/or valuable even...?? [be forewarned ifn's you try to use the words 'homoerotic art' in a google search string...you *will* get results...??!!]

SO, mostly I'm just curious/cautious if this is actually "a thing" that might deserve further attention/research -- or just another old wood frame to sit around somewhere until I might need one that size for something else. I have not attempted to remove it from the frame, at least not yet -- should I??

Any and all comments are WELCOMED!! :-) :-) :-)