Здесь жил и работал...

A memorial plaque at one of the Moscow buildings

Художник - a painter.

Русский художник - russian painter, of course.

Выдающийся русский художник - оutstanding russian painter.

Жил и работал - past tense for жить -to live, работать - to work

The memorial plaque is placed at the building wall, and, naturally, выдающийся русский художник жил и работал in this building - в этом доме.

Аполлинарий Михайлович Васнецов lived in the beginning of xx century painter, but he was encouraged by ancient times.