Weird Things In Blue

One of the things I revel in doing is wandering around Spitalfields and Brick Lane on a Sunday - mainly because I think it's least touristy than Petticoat Lane and far more interesting, plus once I've worked out exactly how close they are, it's a happy wander between the two. Equipped with my camera and without the standard incumbent "oh god, not more weird photos" accompanying me - I was able to snap what I wanted with abandon. Then I came across this happening:

Yep, a series of random letters (well I couldn't make out a word easily) and a set of blue, hand puppet looking things (my life seems to be haunted by weird stuffed toys at the moment). There was a very serious looking photographer trying to get the damn things to look OK and then one fell over.... Maybe it was some kind of slow exposure animation in a Morph-esque fashion. Either way, it was pretty intriguing. Would love to know what it was for.

Any ideas?