Similar octopus wall art has been swimming around the Interwebs for awhile now, and shows up from time to time in various celebrity homes and magazines...
Heather of Southern State of Mind did a little digging and discovered that this image was first an engraving by one Lord Bodner, first published in 1826 as a study of marine life. She kept on digging and even found the art, courtesy of the Graphics Fairy.
Eight arms and three frames later, Heather had her own Lord Bodner in her living room. To see the whole process and how she did it, visit Southern State of Mind for more photos and info.
(Image credits: Southern State of Mind)