The costume that the standing figure wears over his clothes suggests that the setting is vastenavond (Shrove Tuesday or Mardi Gras), the night before the beginning of Lent, when people frequently went on binges in order to prepare themselves for fasting and abstinence. This painting speculates on the consequences of such overindulgence. In their dissipated state, the gay cavalier and his companion ignore the menacing presence of the skeleton, which bears an ominous hourglass in one bony hand and a skull in the other.
The scene shows a common vanitas theme with an inverted tankard and a smoking pipe to show that the party is over. The skeleton holds up an hourglass to emphasize that time is running out on the party, but also on the lives of those present. A companion painting, The Merry Trio, serves to show that true gaiety can be found in moderation.