What I love about this is that there's no director credited. We can maybe assume it's a man since then as today most people turning on the camera and cranking the wheels were men (there's no editor for this since it's one shot, though if it were I'd suspect a woman would've been editor, but I digress).
You can infer with it whatever gaze you'd like, though it's likely a male one. It's easier to analyze this more as a painting than a film that moves, since the woman is poised like a woman would be getting set up to be drawn or painted from on a canvas. In that sense it's no less offensive than Kate Winslet in Titanic, and if there's anything wrong with that then I don't know what to do for you.
If you watch this, either online or at a museum or what have you, I'd think it would be difficult to exactly be "turned on" by this aside from a more emotional place of simply seeing a beautiful woman (and yes, there are nipples, albeit mostly they're washed out by the lights). It's really just a simple, graceful slice of 40 seconds of film (which times out to about 960 frames total - quite a good deal of sensual paintings!)
