And if it’s grammatically correct, does it have ambiguity to it? If so, how to rephrase this sentence to get rid of this ambiguity?
There are a couple of problems. Ways to express the idea of studying someone’s art:
“I studied the art of Pablo Picasso.”
“The artist whose art I studied is Pablo Picasso (or, to invert the sentence, “Pablo Picasso is the artist whose art I studied”).
Your example needs to have the pronoun “whose” and the word order needs to be changed, or just simplify it as, “I studied the art of Picasso.”
It is not common to use the phrase “studied from” someone.