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Haha, it's king crimson's first album. Represents the twenty first century schizoid man (one of the songs of the album). I don't know if you should really try to understand the art concept, it's from the progressive rock era.
Back then artists liked to look fucked up and people would find all sorts of weird explanations to their wierd art but I like to see it as some sort of abstract art and appreciate it without explanation.