Leland's, the auction house selling the photograph, calls it "one of the most unusual and interesting Babe Ruth photographs ever offered for public sale." Yes, it is.
The auction house says it's Ruth posing for friend and teammate Ed Wells before a game. Part of the reason it's drawing so much attention, besides its inherent humor and oddity, is Ruth's reputation as a philanderer. Leland's puts that part of Ruth's personality kindly saying that the photo "is an interesting reference to the prodigious size of Ruth's member which remains a part of the Bambino's legend."
The photo was obtained directly from the Wells Estate, driving home that it actually is a pretty unique item. "It is interesting to note that this perfectly embodies the camaraderie of the Babe and his teammates or actually of any players in team sports. No one else would have or have access to this kind of image," says the auction house.