Fin-de-siecle decadence transplanted one century later; where the painting becomes an art installation.
The main trouble with out of period adaptations is that the original contains so many bon mots that the nigh contemporary characters uttering them sound more like they are quoting Wilde rather than being originally witty. Otherwise, a faultless translation.
Yeah, it's a pretty gay movie, but that's just hewing to the original subtext.
The soundtrack was eclectic too -- from 70s ballad (one of Carly Simon or Joni Mitchell) to contemporary post-rock (some Godspeed You, Black Emperor)