A caricature is not meant to make a face funny-looking as much as it's meant to exaggerate the actual features of the individual's face (the exaggerate-able features). Your caricature looks nothing like the original painting (aside from coloration and basic form; so I'd say that makes it a bad caricature.
Besides, your subject matter is too handsome for a good caricature. Average, ugly, or weird-pretty subjects are the best for such an illustration.
Second opinion. The subject could make a fair caricature, if you'd exaggerated the right features: his eyebrows, nostrils, all the things that are unusual and pronounced.