This is Cuthbert Lempriere Holthouse. Doubtless you've always wondered what Cuthbert Lempriere Holthouse looked like - well, he looked like this.
The object he is holding is the last ever of the original Wooden Spoons, in the sense of a mocking award for finishing last. It began as a tradition amongst the Mathematics faculty at Cambridge University, from at least 1803 until 1909, of awarding a wooden spoon to the student who graduated with the lowest passing mark. The spoons got bigger and more elaborate over time, culminating in this one, which was converted from a rowing blade, as it was apparently Cuthbert's devotion to the college boat which cost him greater academic success.
(Were you surprised a maths student named Cuthbert turned out to be such a jock? Me too. Shame on us for our lazy preconceptions.)
The reason the tradition ended in 1909 is apparently because 'the system was changed so that the results were announced in alphabetical order rather than by exam mark.' Though really, if that little manoeuvre successfully rendered an entire graduating class of Cambridge mathematicians unable to work out who had come bottom, I can’t help but think wooden spoons were due all round.