Yep it sure is, theres another famous picture in there but I forget what it was.
When logic and proportion,
Have fallen sloppy dead,
And the White Knight is talking backwards,
And the Red Queen's "off with her head!"
Remember what the doormouse said.
It all makes sense.. there is a portal to other planes of existence very nearby. My guess is the King popped out of the portal and hung his portrait on the wall.
