In Chinese symbolism the peacock represents beauty and dignity. Old Chinese legend tells: The daughter of a mighty military commander painted a peacock on an ornament screen - promising to marry the first man who could hit the peacock two times with arrows...while running. A skilled Tang emperor shot both eyes of the peacock on two consecutive tries - winning the bride. "Selection by hitting the bird screen" then became a part of the Chinese language as a euphemism for "finding a husband".
The peony represents the season of spring. It symbolizes love and affections and denotes good luck.
The piece is beautiful. Colors are bright! Doesn't appear to be very old!