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The selective coloration technique works when its the focal point that is rendered in color as you did here. But the problem with any unusual technique is that its really neat when seen for the first time, less so when seen for the thousandth time. I remember seeing it for the first time in advertising back in the late 90's when Photoshop and SciTex workstations made it possible.
The photo, as composed, would deliver the same implied message just as effectively in color because we can only see the background via the painting, not in the photo itself. The only compelling reason I'd see for the selective coloration would be if the artist was wearing a colored shirt that would be distracting in the color version. Even in a wider crop you could convey the message of "interpreted through the eye and hand of the artist" by showing the background that seen in the painting, but rendering it OOF with shallow DOF.
Contrast is a relative thing. Often in color photos I will intentionally desaturate areas other than the focal point to make the color in the focal point contrast more. Not to the point where the desaturation looks unnatural, just so the color in the focal point seems more attractive to the eye and brain of the viewer, drawing attention there subliminally. LIke a magic trick the secret is finding the right balance between fooling the audience but not making them aware they've been manipulated. When the manipulation because blatantly obvious the reaction of the viewer more often than not will be "wow that's a neat technique" missing or diluting the impact of the content.