This painting is portraying the following verse of Bhagavadgita dehino 'smin yathā dehe kaumāraṁ yauvanaṁ jarā tathā dehāntara-prāptir dhīras tatra na muhyati (BG 2:13) (As the embodied soul continuously passes, in this body, from boyhood to youth to old age, the soul similarly passes into another body at death. A sober person is not bewildered by such a change)
Every material entity is suffering in the grind of Life and Time.
Any man who has perfect knowledge of the constitution of the individual soul, the Supersoul, and nature – both material and spiritual – is called a dhīra, or a most sober man. Such a man is never deluded by the change of bodies.