Tony commissioned the portrait but couldn't bear to look at after his horse was killed in a fire. He told his boys to trash it, but instead Paulie took it and had it repainted with Tony in a Napolean outfit. At the time, Paulie was hinting at defecting to Johnny Sack and he was obviously mocking Tony's leadership skills. But of course he tried to turn it into a compliment when Tony showed up at his place.
Thanks. Now I know.
dream on