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When is a pipe not a pipe? When it's a cigar holder. Here we have a nattily-dressed late 19th century young man, complete with top hat, smoking his cigar in something that looks somewhat pipe-like.
Honestly, in my opinion, he doesn't pull it off. If he was thirty years older, maybe, but as is, I can't help but think that this is the 1890s version of the modern douchebag.
From My Ear Trumpet Has Been Struck By Lightning via Brer.