YSL Film Short (nudity involved)

Maybe I'm not smart enough to "get it" but I'm confused by what this film short really is supposed to be about. I just see a whole bunch of male models (whom I think maybe Gay or Bi...) dancing around with their flacid wangs hanging out and vintage nude pictures of women from the 40s with a cute little dog. Can somebody break it down for me? Cuz I can't connect YSL to the video.