This picture appears to be an early work by Lorenzo. The Virgin kneels, adoring the Christ Child. This was a well-known formula, but here it seems to adapt a composition current in the workshop of Lorenzo's master, Andrea del Verrocchio, In the background is seen the Annunciation to the Shepherds. However the the two areas of landscape do not join up on either side of the broken window embrasure behind the Virgin's head.
The National Gallery, Trafalgar Square, London WC2N 5DN