The two figures symbolize the universal opposites of male and female, sun and moon, etc., in much the same way as the left and right hand figures do in "The Unknown Masterpiece."
The appearance of a one eyed god relates to Picasso's preoccupation with the theme of blindness. This preoccupation seems to have begun in Horta or Barcelona in or around 1899. Picasso produced a watercolor portrait of a one-eyed man and soon afterwards blindness becomes a theme in his work.
In the 1934 drawing, the theme recurs in a number of ways, most significantly, in the depiction the central figure, who appears as a crucified painter, identifiable with the Hanged Man in the Tarot.
"The Hanged Man," is the Norse god Odin, who having sacrificed an eye, was stabbed by a spear, and underwent an inverted crucifixion to gain enlightenment.
The theme continues, with the blinding of Marie-Thesese, who is portaryed cryptically as the personified horse of the corrida, who enters the arena blindfolded.
There are more examples of Picasso's use of the theme of blindness in "The Unknown Masterpiece," for further information on this, please refer to the following sections:
The Hanged Man