It was the July 1, 1932 cover. I thought it was interesting that the photo was done in such a way to be very similar to the style of the drawings and paintings that usually adorned the covers.
(You'll also note that the magazine used to cost 35 cents.)
From In Vogue: An Illustrated History of the World's Most Famous Fashion Magazine
Interesting about the drawing-like photo. I wonder if they thought a not-too-abrupt change would be easier for their steady readers & not prevent new ones from possibly picking up the mag. These days, I think magazines, papers, etc. tend to make more abrupt changes.
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