Compositionally solid shot. The image has lots going on in it, but a good balance of white space to give them importance.

I think that this shot might have been a bit better, slightly from the left, for a few reasons;
...I think, looking at the lightsource, you could have got a bit more highlight on the model with a slight angle change.(which is why i gave a lower score for impact)
...I think the model could have been a bit closer to the painting, to overlap the shapes a bit more, to 'complicate' the form.

I also think the light in the forground could be a brighter.

I definately like the play of colour in this one the 'teal' works well with the pink undergarment and the fades back of the chair. The green in the 'aint splashes' compliments the red in the frame.

I also like the texture detail touches. The paint splashes and the paint brushes and the picturei in the background compliment the 'clean' feel of the rest of the picture well, giving it good balance.

all in all a great shot, your effort to set the stage paid off. I hope they like your submissions for the calandar.