The Portrait is an item needed in the quest The Knight's Sword. This portrait is actually a portrait of Sir Vyvin's father with the Faladian sword which has been passed down by Sir Vyvin's family for generations. This item is also important for the quest, since this is the only picture of the sword, and Thurgo needs it in order to make the right duplicate sword.
In your meeting with Thurgo, he will request for a picture of the sword to be made. Talk to the squire in the White knight's castle ground and he will tell you that Sir Vyvin kept this picture in his cupboard. Go to Sir Vyvin's room and in his cupboard, you will retrieve this portrait. Now go back to Thurgo and present this picture.
It's possible to get multiple portraits using the drop trick.
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