Here is one of those fanciful Victorian whimsies, the ladies of yesteryear were so adept in creating with lovely bits and pieces. I am only guessing the purpose of this beautifully crafted ribbon and lace piece but I would surmise to say a doily for the dresser or vanity.
Silk satin ribbon is used to form the center "yo-yo's". Each are gathered with narrow ribbon which is tied in a bow to form "little pouches or pockets". Each yo yo is joined to form the grouping of the four. Edge is trimmed in gorgeous 3-1/2" wide lace. A beautiful completion of this fanciful piece. I am certain the doily did have a purpose ~ possibly the little "pouches" were to hold a certain something. Perhaps, hair pins or something similar.
It is one those many pieces of whimsies I find that have been stored away and never used. The condition is still very nice although you will find some oxidation on the lace from storage and one small tear in the lace (see photo) on the outer edge. More than likely from storage.
Overall size of the doily is 13-1/2" square.