From the NBC television show "Will & Grace" there is artwork piece
that I would like to know more about...e.g. artist name and name of
the piece.

The piece in question is next to the fireplace on the main set.  It
appears as a picture of a man looking slightly away from the artist. 
Here's a link to the picture:
http://xs.to/xs.php?f=WillGraceAptArt.jpg&h=xs100&d=06200

According to production designer Glenda Rovello, it's a reproduction
of a "friend of a friend's painting."

"...that painting of a man hanging on the wall by the fireplace.
Sometimes referred to as the young Desi Arnaz portrait, 'It's a friend
of a friend's painting,' says Rovello, adding that no one knows if
it's really supposed to be the 'I Love Lucy' star. 'We had it
reproduced. It almost could look like it was Will'."

http://www.accessatlanta.com/news/content/entertainment/stories/0514tvset.html

Thanks PinkFreud - Here I thought it was some piece reproduced by the
millions and sold to the masses at Bombay Company!  Guess I was out to
lunch.

Who knows? If enough "Will and Grace" fans are interested, this
painting might yet end up on the mass market. Bombay Company, are you
listening? ;-)