The painting is romanticized and unrealistic. That’s not a slave market, it’s the middle of the desert with a couple guys seated on a rug. Arabs actually had real towns and markets and stuff, they didn’t just do all their business in the desert. If anything, it looks like a private sale, or perhaps women captured in a raid brought back to camp.

You don’t need stylized paintings to know what slave markets were like, there are plenty of written descriptions from the time. Here’s one by Charles White in the 1840’s of Yessir Bazary in Constantinople. This is the “Aurat Bazar” (women market) section:

The interior consists of an irregular quadrangle. In the center is a detached building, the upper portion serving as a lodging for slavedealers, and underneath are cells for newly imported slaves. To this is attached a coffee-house, and near to it a half-ruined mosque. Around the three habitable sides of the court runs an open colonnade, supported by wooden columns, and approached by steps at an angle. Under the colonnade are platforms, separated from each other by low railings and benches. Upon these, dealers and customers may be seen during business hours smoking and discussing prices.

Behind these platforms are ranges of small chambers, divided into two compartments by a trellice-work. The habitable part is raised about three feet from the ground; the remainder serves as passage and cooking place. The front portion is generally tenanted by black, and the rear by white slaves. These chambers are exclusively devoted to females. Those to the north and west are destined for second hand negresses or white women – that is, for slaves who have been previously purchased and instructed, and are sent to be resold. The hovels to the east are reserved for newly imported negresses, or black and white women of low price.

The platforms are divided from the chambers by a narrow alley, on the wall side of which are benches, where women are exposed for sale. This alley serves as a passage of communication and walk for the brokers, who sell slaves by auction and on commission. In this case, the brokers walk around, followed by the slaves, and announce the price offered. Purchasers, seated on the platforms, then examine, question and bid, as suits their fancy, until at length the woman is sold or withdrawn.

[Gordon, Stewart: Shackles of Iron: Slavery Beyond the Atlantic. Critical Themes in World History, 2016.]

are there reliable sources that describe situations like the one painted (or similar situations) -- i.e. the presentation of female slaves, stripped before their prospective buyer?

You need to understand a couple things about the slave trade. First, slaves were expensive, running to several times the annual wage of an unskilled laborer. People didn’t invest such huge sums on trust; slaves were thoroughly examined before purchase. Every inch of their bodies, lots of poking and prodding, lots of peering inside their orifices.

Second, this wasn’t just to safeguard the investment. This was part of the process of enslavement, breaking down their resistance, dehumanizing them, reducing them to a body owned and controlled by someone else. Slaves were stripped, made to jump, dance and cavort naked, humiliated in countless ways.

How the examination was done varied by place and circumstance. Sometimes it was public, sometimes private. Women sold for housework might be displayed clothed, women sold for sex might be displayed naked. But all were examined privately in great detail before the sale. Here’s a contemporary description of the sale of a group of women and children:

For nearly a week this gang had been subject to inspection at the mart, but that did not preclude more of it at the sale. To facilitate this, the slaves were arranged as much as possible in a row around the yard of the jail with their backs to the wall. Each slave or other and infant wore a number that corresponded with the one in a printed description ‘list’ or ‘catalogue’ Some were stripping and others were dressing, and still other were all but naked, while prospective buyers satisfied themselves that there were no serious whip-scars, no signs of rheumatism, or of more serious diseases.

The same thing happened in the American south. Auctions were held on the premises of slave trading companies. There were the back rooms, and there was the auction hall. The back rooms consisted of slave pens - small, dingy cages where arriving slaves were held. There were kitchens and feeding rooms, cleaning rooms, and rooms for preparing the merchandise for sale, staining their skins to hide blemishes, dying white hair, rubbing fat to make the skin shine. These areas were off-limits to the customers.

Then there was the auction hall, which was huge, clean and well-decorated. There would be several benches to display slaves. Women were usually displayed stripped from the waist up, so buyers could judge their “fecundity”. There would be curtained off corners and little private side rooms where the buyer could take the slave for more thorough examination:

At public sales, women were paraded onto the stage, stripped to the waist, and offered to prospective buyers for further inspection. Within these inspections, “interested parties were given the opportunity to physically examine every aspect of the female’s body, commonly groping and placing fingers and hands in selected orifices.”

[Walker, Daniel: No More, No More. University of Minnesota Press, 2004.]

There was a thin veneer of pseudoscientific babble to legitimize what was really a pretty brutal humiliation. The buyer would knead their bellies and breasts “in an attempt to determine how many children a woman could have”, and “if a potential buyer felt unsure about the reproductive capacity of a woman, she was taken to a separate, private room with the prospective buyer and a physician” where she was probed in more detail.

This was the procedure for regular working slaves. In addition, there was also the “fancy” market, which consisted of women especially sold for sexual use. New Orleans and Lexington, Kentucky were big centers of the fancy trade in the US. These auctions were almost exclusively attended by men and there were fewer constraints. The women on sale were frequently displayed naked.