I'm a member of eBay watercolour group Watercolours (Wet n Wild) and each month we have a challenge where we choose a different old master and paint renditions of their work in watercolor. This month (well, September, I'm a bit early) Rembrandt is the artist. I didn't choose to do a version of this painting for any religious reason - I just thought it was a beautiful image. Rembrandt is a challenge in watercolor because his paintings are so dark. I used a lot of prussian blue, sepia and both raw and burnt umber to create the dark tones.
You can find the work of other Watercolours (Wet n Wild) artists on eBay by searching for "WnW". If you are interested in what the others have done with Rembrandt search for "WnW Masters Tribute."