The painting changes as we do/say whatever we do/say throughout our lives and at the end when we die we transform to conform with what the picture shows. In the case of Dorian Grey it was monstrous.
I believe he was very egotistical and made a pact with the devil to never age. So an oil painting of him at his handsomest is what changed over time. He remained the same. His bargain with the devil I think who probably took his soul (if he had one) as payment. Every ugly evil thing he did was reflecting in his face in the painting. Twisted and horrible and evil.
A kinda scary fantasy morality tale. Creative, inventive, imaginative and one of the most frightening movies I've ever seen. Could it happen in some universe or on another plane in another dimension? Rod Serling would know. I don't.