Much of the portraiture done a hundred years ago stands up today because of its lighting, composition and technical excellence. The example above was obviously done professionally and there is a lot we can learn by examining it.
One thing that is amazing is how little equipment was typically used back then. Most likely the main light was a large window with a reflector on the left to lighten up the shadows slightly. If artificial light was used, it was probably a single large beauty dish and the same reflector on the left. That's it. The tone of the background was controlled by either using a gobo (something to block the light) or with the distance between the subject and the background, or a combination of both. This basic one-light setup was set up to create a Rembrandt lighting pattern which is characterized by the triangular shadow on the shadow side of the subject's cheek. There is more information on Rembrandt lighting elsewhere on this blog. Since the subject has a triangular face, the photographer decided on broad lighting, which is the lit side of the nose closest to, or facing the camera. Narrow lighting is the opposite, the shadow side of the nose faces the camera. Learn more about broad and narrow lighting here.
To create this image with artificial light today, you could use a beauty dish, soft bow or umbrella as a main light, a reflector for fill light and some kind of gobo to control how much light hits the background.
If you're looking for inspiration, look back to the masters.