Painting a portrait of your child is perfectly acceptable. This is not. Something tells me that whoever painted this kid is not related to him, and that the kid was lured into a loft apartment by a mustachioed man with promises of candy and puppies.
All art has a message. What's the message here? What's the artist trying to convey? If it's that the artist likes little boys with creepily seductive expressions so much that he has to paint them in a psychedelic dream world where no age of consent laws exist, I'd say he succeeded admirably.