It is a look we love and it doesn't hurt that in these examples from W, the artwork is the real thing!
Photos above, from left:
1) Josef Albers' Homage to the Square hangs in Sir Evelyn and Lady de Rothschild's London Dining Room
2) 1960's paintings by Emilio Pucci hang in the Pucci 14th-century Estate in Italy.
3) Damien Hirst's Paracetamol and Richard Prince's Island Nurse in Marc Jacob's Paris Apartment
4) Brice Marden's Second Body in a Malibu living room which features furniture and textiles based on antique African design.
5) Plates (far right of the photo) by artist Tristano di Robilant hang on the wall of the Getty's rustic summer home in Tuscany.
Photos: 1) Derry Moore, 2) Stewart Shining, 3) Philip-Lorca DiCorcia, 4) Simon Watson and 5) Simon Watson all via W Magazine