"1906 - 5. Comp. Konigl Bayr. Inf. Regiment No 23 Saargemund - Reserve hat Ruh! - 1908".
Original wood frame has seen better days: Veneer chipped-off and wood worm damage. Was treated several times to make sure it's safe.
One of the largest military photos of this age I've ever seen: 26-3/4" (68.5 cm) wide x 22" (55.5 cm) tall
I think this website has some history on this regiment: http://de.wikipedia.org/wiki/K%C3%B6niglich_Bayerisches_23._Infanterie-Regiment_%E2%80%9EK%C3%B6nig_Ferdinand_der_Bulgaren%E2%80%9C
Similar went for 300 Euro at auction.