How could it not end well? I mean, Olivia Newton-John with rollerskates! 
I’m gonna go with works of art in general, including myths, so here’s all I can think of at the moment.
Panic! At The Disco- The Ballad of Mona Lisa
S.J. Tucker- Sorrow’s Song (Orphan’s Tales, technically a series of stories compiled into one book)
Muse- Resistance (1984)
Damh the Bard- Blodeuwedd
and Heather Dale has a whole slew of songs based on the King Arthur legends
Her sister even got her own album
I’m pretty sure you’re referring to King Crimson’s “The Night Watch,” which Biffy already mentioned. That song appears on the Starless and Bible Black album, and is a musical description of one of Rembrandt’s most famous paintings.
MUCH later, a newer lineup of Crimson put out a song called “Two Hands” (on the Beat album), which is all about two lovers in an erotic painting (but I don’t know if the painting is supposed to be a famous one).
If we’re counting works inspired by literature, the Byrds’ “Space Odyssey” is a musical retelling of Arthur C. Clarke’s short story “The Sentinel,” on which the movie ***2001 ***was based.
Well, the only Van Gogh work cited by name was “Starry Night,” but you’re right- the lyrics allude to other Van Gogh works. When Don McLean sings of “ragged men in ragged clothes,” he may well be referring to “The Potato Eaters.”
The whole Alan Parsons Project “Tales of Mystery” album, each track based on a separate Edgar Allen Poe work. The Raven especially rocks on that album.
I believe it was a painting by Crimson singer Adrian Belew’s then-wife, Margaret.
Well, if we are including books there’s always Rick Wakeman’s Journey to the Center of the Earth…
There was this song called “Lucy in the Sky with Diamonds”…
… and from literature, Mott the Hoople’s “The Wheel of the Quivering Meat Conception”, although I don’t think the song really has anything to do with the Kerouac poem.
My all-time favorite song, Lies by Stan Rogers, refers to
So this is beauty’s finish, like Rodin’s “Belle Heaulmière”,
The pretty maiden trapped inside the ranch wife’s toil and care.
…
[She] thinks ahead to Friday, 'cause Friday will be fine
She’ll look up in that weathered face that loves hers line for line
To see that maiden shining in his eyes
And Springsteen refers to “She makes Venus de Milo/look like she got no style” 
Michelle Shocked’s ‘Looks Like Mona Lisa’. (The subtitle, in vey small letters, is ‘smells like tuna fish’.)
Dire Straits’ ‘Romeo and Juliet’. The Indigo Girls cover is better.
*You’ve been the subject of so many dreams
Since I climbed your torso
Oohh-ooh-oh-oh
My Statue of Liberty
Impaled on your hair what do you, do you do to me?*