It strikes me that this book is less of a picture book for children, and more of a picture book for adults. It is for anyone who has ever said, "I wish I had paid more attention during that Art History class in college - maybe I should dig out my old textbook," or "What the heck was up with that guy who hung a shovel on the wall of an art gallery?"
If you're reading it to a child, you'll certainly get more out of it than they will. That said, while I'm pretty sure my 4 year old could not tell you what Dadaism is after reading this book, the interactive part of the book was much appreciated. He had a blast making his own sound poem, cutting up a newspaper to make his own randomly generated poem (the resulting poem confused him greatly, but he loved the process), and 'making' his own ready-made art (a nail clipper).
A lot of the text is way, way above the comprehension level of your average pre-schooler or even 1st or 2nd grader, but they will have fun with it none-the-less, and mom or dad or teacher may just learn or remember something long forgotten about Dadaism along the way.