I get often asked, where that image comes from. I wish I could say, I shot it, but did not. I found it in a german photography magazine ZOOM in the late 80s. It's just one of the most artistic images using pantyhose i've seen.
Here are some scans from that magazine:
It's shot by Lou Blitz for Agency Robert & Partners for a new Lycra Pantyhose ad campaign. The Art director was Anne de Peyerimhoff.
From the droplets I believe it to be water, but I'm just guessing. The article does not mention what specific pantyhose she was wearing.