Rendered in pallid, ghostly tones, Silke Otto-Knapp's watercolors and gouaches recall turn-of-the-century painters such as Bakst, or children's illustrators like Arthur Rackham. Her delicately delineated vignettes of encounters, dances and isolate doings seem to take place beyond a veil, in a submarine realm of amphitheaters and botanical gardens. Present Time Exercise surveys her work from the past five years.