Joe Doucet's circular mirror isn't water-logged for nothing. He designed it as a reminder of the damage caused by Hurricane Sandy in New York (where his studio is) and generally on the east coast of the USA.
The transition in the mirror from clear to blue is refracted slightly so part of whatever is being reflected repeats, mimicking the effect that occurs in water. The mirror is called "Fathom" for the unit of depth, and was sold in an auction to raise money for hurricane relief. [dezeen]