This pattern is one of my all-time faves. It was originally published in the Greek Issue of the “Stranded” Newsletter by Bonnie Franz (now defunct - wonderfully active for 5+ years). As you can see, the bag is thematically based on Antique Greek vases, including the colors as well as the Owl. The owl herself was inspired by a small owl statue I own from Smithsonian Museum Shop as well as the owls on Antique Greek coins.
Owl is on both sides of bag; bag is knit in the round. The stitch work on the bag features 2-color “twining” in some areas. In particular, there is a novel “Twined Magic Garter” stitch that i personally ‘unvented’ thanks EZ for the word! and published in Stranded, and have since utilized in numerous patterns.

P.S. I’d recommend use of DK Panda Silk from Crystal Palace yarns DK-PandaSilkColors in colors #6011 Sangria, #6202 Jet Black, and PandaSilk in color #3002 butterscotch ((use 2 strands). This yarn will give nice body, good ‘hand’ in colorwork, and gorgeous sheen.