Duke Lan's ancestor meeting the last Bear Emperor (who is a child in the picture). This is the same emperor that the Last Stand of the Bear poem was about (though his last stand was presumably somewhat later).
The robes and decorations of the people in the background indicate that they're part of the Emperor's personal entourage. The women, including one who looks like Lijuan, are dressed in the manner that suggests that they're wives and concubines (it's not unusual for an Emperor to be married well before puberty).
Jib Jib's (possibly false) prophecy on the painting: "When the center does not hold, the wheel will not spin forever. It was not their own failure, but the failure of the world that cut their lives short."