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Do you mean this? If so, I'd not exactly call it graffiti...

My dictionary adds the word "illicitly" to that definition.
But, yeah, what is it all about?
The pins coming out of the board make me think it could be part of an old sign. Which reminds me about a shop front I saw in Brooklyn:

EM EE UNSH = EMBEE SUNSHADE CO., INC.
I found it after using Google to bring up a list of words containing "UNSH". Sunshades seemed the most obvious. I love Google.
When those letters first appeared there was a bunch of say 30 people all hanging around, wine glasses in hand, sort of half in and some out on the pavement and road, I couldn't quite see what was going on but got the impression it was an art gallery show.
The art I remember, which I've seen around but can't find online was that 'statue' of what seemed to be a lifesize teenager, hooded and kneeling on the floor hunched over so you couldn't see their face - anyone know the one I mean?
So I'm saying its an art gallery, or at least occasional space. I've never seen it open since.
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