I was going to say that it's definitely Italian as It's say "Anno" in the top left which is Italian for "Year" (e.g. Anno Domini means "Year of our Lord".
regardless, Thank you Bob for finding it's original source!
Interestingly, according to Wikipedia, the La Domenica del Corriere is famous for it's colourful front cover illustrations, and looking on Google, you can find one illustration with the Andrea Doria...and another of the Lusitania's sinking which looks like they just redrew the Titanic illustration with some subtle differences!
Here's my translation, including the boring bits. I'm surprised how well I can read Italian with almost-fluent French, intermediate Latin, and no real knowledge of Italian, with only a little help from machine-translation. Unfortunately, I'm terrible at spoken languages, so I'm not rushing to book a trip to Milan. Regard that as a disclaimer; there may be errors, and a better translation of the caption could easily be provided by someone who actually, y'know, can speak Italian.
La Domenica del Corriere [Sunday Courier]
5 lire/year in Italy, 10 lire/year outside
0.025 lire/week in Italy, 0.05/week outside
Published in Milan Every Sunday
Illustrated Supplement of the 'Corriere della Sera'
Address of the Newspaper: 28 Via Soiferino, Milan
All rights to the text and illustrations in the articles are reserved under international laws and treaties.
Year [Volume] 14 - Number 17 -- April 28 - May 5, 1912 -- 10 centesimi [0.10 lire] per copy
Terrible maritime disaster -- the biggest transatlantic [ocean liner], 'Titanic', sinks with 1600 people in the ocean, broken by an iceberg.
I have just checked out the 2009 edition of the DK Eyewitness Titanic book by Simon Adams which has a Clip Art CD-ROM included with it from my local library and one of the images on it is a variation of this Italian painting which I'm posting here:
I seem to be bumping into it a lot recently!
I vividly remember this picture from my childhood.
It is also included in the Eyewitness books Rescue by Claire Watts and Boat by Eric Kentley and it is also included in the 2013 book History's Worst Disasters by Eric Chaline.
I guess the Italian painting could've been inspired by the famous Willy Stower drawing if the Stower drawing came first. The stern is at a similar if slightly higher angle in the Stower drawing. They are both port side views.
I made an error in the above comment. The original Italian illustration shows the Titanic sinking from the starboard side, while the Stower drawing shows it from the port side. At the time, I was thinking of the flipped variation version from the DK Eyewitness Titanic book by Simon Adams which I posted above, which is a port side view.