One possible concern with the G7 would be the sRGB colour space, which could clip the gamut of colours in your artwork. This would depend on whether you ever use vivid, pure hues, esp. in the primary and secondary colours. This would also depend on what forms of reproduction you foresee, since many cannot exceed the sRGB gamut, whether you've captured more or not.
(Speaking of colour, doing a custom white balance off a white card - NOT art paper or canvas - combined with RAW would be ideal if you have need for a very exact colour match between original and reproduction. At an extreme, one could even get into custom profiling using a GretagMacbeth Color Checker. If that all sounds like Greek, then it's probably beyond your needs and you needn't worry about whether the camera has RAW.)
The LX2's noise issue would have minimal impact on photographing art, since presumably you'd be doing that at 100 ISO in bright light or with flash. At the other extreme, if you foresee taking pictures in museums or galleries, the high ISO of the G7, combined with IS, would be invaluable.