Uhm, most likely... The official picture of a couple for their end-of-studies ball? One with a weird theme, or one from another age when fashion was especially weird. I'm hesitating between a picture at the ball (because of the blue thingies) and one at home before leaving (because of the folding screen that doesn't have anything to do with a party). Or the extremely special wedding of an especially young couple, if it's them, or just with a weird theme.
The guy...
-He looks uneasy. He is either upset ("not a picture again" or "wtf is with this bow tie?") or very uneasy or nervous about the event itself or his partner.
-Since his hair is messy despite wearing formal wear, it may be that he was forced into all of this, or that he really did not care at all about any of this. Or maybe this was all very sudden and he had to come at the last minute or fill in for someone. Plus, it doesn't look like his clothes are properly worn (I think the vest is usually tied higher..?)
-He doesn't seem like he's very happy overall, regardless of his feelings for the event. Is he being forced on a career course he doesn't like? Has he been lying to someone? Does he like men despite having a girlfriend? Did something bad happen to him recently?
-He almost looks like he's holding on to the girl so that he won't flinch. He looks like he feels vulnerable. He feels like... Maybe, a delicate person who is required to be tough, maybe. In either case, someone is apparently asking too much of him. He's holding her way too tightly for the mood he seems to be in. Or maybe she's, like, his sister and the photograph told them to hug, and he found it weird, so he looks awkward.
The girl...
-She seems more genuinely happy than the guy.
-I'm not sure, but something in her eyes seems to say she's upset at something. Has she just forced her unwilling partner into the picture? Did her partner just do something she's angry about but she doesn't want it to show?
-Her hair leaves me perplexed. Is this a quickly arranged pathetic excuse of a hairstyle, or is it a trend of the times? The former might mean that the whole couple was forced into that event and she's just better at pretending to be happy... or that someone just messed with her hair and that's why she's upset. The latter, well doesn't mean any of that.
-Her clothes seem much more trendy than the guy's. Did the guy lose a bet? Or were girls' clothes considerably better than men's at the time?
-She's clinging to the guy much more genuinely than he does. Is the relationship one-sided? Is she trying to cheer him up? Is she just over-acting to look happy?
As for their relationship, if they're a couple (because they could very well be siblings, relatives or even friends, too), it looks like it's either one-sided, short-lived or in need of being fixed somehow... Or it could actually go well and the guy (and possibly the girl too) is having a bad day.