Our Lady of Consolation evolved from an apparition of Mary when she appeared before Saint Monica, the mother of Saint Augustine, in the fourth century A.D. Augustine in his youth caused Monica untold misery and frustration. Augustine was mean, incorrigible and brought great dishonor to his family. Devastated, Monica prayed nightly to God through the Blessed Virgin Mary for divine intervention that would effect a positive change in her son. One evening, as Monica wept, the Blessed Virgin Mary appeared to her "in mourning clothes" to comfort her. As a token of her compassion, she took off a black cloth cincture from her waist and handed it to Monica. Monica accepted it and later pleaded with her son to mend his ways. Then the miracle happened. Augustine began to reform, and behaved in a way that was pleasing to his family, friends and neighbors. He laid the seeds of the monastic order of the Augustinians, who wear a black band around their waist as a pledge of fealty to Our Lady of Consolation.
From this site. The image is just exceedingly beautiful, in my opinion.