This photo is well known, though it’s origin is not. It appears on the cover of the English translation of Guy Debord La Société du Spectacle (The Society of the Spectacle, tr. by Fredy Perlman and Jon Supak, Black & Red, 1970; available online). It was originally taken by Life photographer J.R. Eyerman (1906-1985) at “the premiere screening of film ‘Bwana Devil,’ directed by Arch Oboler, the 1st full-length, color 3D (aka ‘Natural Vision’) motion picture” (Life.com). I don’t know for sure if it ever appeared in Life Magazine itself, though it was later used in 1984 on the cover of the brochure that accompanied an exhibition of photographs from Life Magazine held at the International Center of Photography (New York) and entitled: The Second Decade, 1946-1955 (Boston: Little, Brown, 1984; used copies still available online).

Here’s what Thomas Y. Levin has to say about this photo in his essay “Dismantling the Spectacle: The cinema of Guy Debord”

This picture, taken by J.R. Eyerman, has since become a veritable cliché not only for the alienation of late consumer culture but also for the ten years following World War II: it appears, for example, on T-Shirts, bags, and buttons as well as on the cover of the brochure that accompanied an exhibition of photographs from Life magazine held at the International Center of Photography (New York) and entitled: The Second Decade, 1946-1955. Few realize, however, that this depiction of the latest stage in the drive towards cinematic verisimilitude exists in at least two versions: the one, employed for the cover of the Society of the Spectacle (Detroit, Black & Red, 1970, repr. 1977 and 1983), depicts its elegantly attired audience in a virtually trance-like state of absorption, their faces grim, their lips pursed, in the other shot of the same audience, however, the 3-D spectators are laughing, their expressions of hilarity conveying the pleasure of an uproarious, active spectatorship.

(‘Dismantling the spectacle. The Cinema of Guy Debord’, in On the passage of a few people through a rather brief moment in time. The Situationist International 1957-1972, MIT Press : Cambridge 1989, pp. 72-123; available online at the Media Art Net website.

I first found the reference to this photo via Beetle In A Box Tumblr blog, though it needs some correction : the photo did not appeared in any of Life Magazine November issues of 1952.