I remember this fairy festival hung in a dark corner or hallway, maybe near the bathroom, so it got a lot of foot traffic but was difficult to see clearly.
It one was one of my favourites as a kid; and the only painting of grandmother’s (that I know of) which is of a fantastical nature. I still think it’s weird and hilarious.

Lee Franclemont, unknown title (faerie ring), 1960s, oil on board. Photo credit Kelise Franclemont. Private collection.
Possible reference:
Richard Doyle fairy illustrations