This image has an aura of elegance to it, suggesting a slave recently purchased into a wealthy household. The model's hair and makeup, done with some care, along with her jewelry, indicate that her owner is spending money on her to keep her presentable. The collar she wears is a unique design, and its studs or rivets, along with her necklace, are made of a yellowish metal that might be gold. In recent memory I cannot remember any picture of a slave wearing gold. The well-lit, out-of-focus background suggests a clean and well-kept household.
The portrait style of the image has two effects. First, it suggests that this picture could be found in the open in a "respectable" household, placed on a wall and/or near photos of the resident family. Second, while many "slave" pictures, which seek to emphasize the subject's submissive nature, feature the subject kneeling, bound, or some combination of the two, this picture shows an upright figure and adheres to a more traditional form. It still communicates submission and arguably weakness or vulnerability, but it does so with the subject's facial expression and her accessories rather than her whole body and its relationship with the floor.
The subject's expression betrays anxiety. A popular trope in fiction is to describe portraits whose subjects bear some mysterious expression, and this portrait contains such an expression. I imagine that the expression betrays the subject's uncertainty and fear about her new situation. Whether or not the ownership described in the title is consensual, a newly owned slave can be forgiven for feeling anxiety towards her unique existence. I could also imagine that she has been owned for a short period of time and has already come to fear interaction with members of the household (particularly the Master/owner) as they punish her for even slight infractions. The slave, with her makeup, hair, custom collar and jewelry, appears to be out of her element. I surmise that she is not just uncomfortable with slavery but also her lavish adornments. It must be a complex feeling she has when considering how much money and care goes into making her look just right as a slave. I also get the impression that her pre-slavery appearance was substantially different.
The lighting is comfortable, but their is enough shadow on the subject's face to accommodate the sense of uncertainty. Her expression is visually clearly defined, though enigmatic. I find this to be a well-executed image which tells a detailed story.