Yes, it references the 1656 painting Las Meninas by Diego Velázquez, but also references Picasso's version of Las Meninas, which paid homage to Velazquez's version. A reviewer for Picasso's Variations on the Masters states that "Iconoclastic yet deeply rooted in the art of the past, Picasso endlessly copied, reworked, paraphrased and transformed well-known pictures by artists who obsessed him: Manet, Velazquez, Ingres, Delacroix, as well as images by Renoir, El Greco, Rembrandt, Gauguin, Degas, Cranach and Courbet." And in Joel-Peter Witkin's version one can see the same reworking and transformation.