The way I interpret this stonerism (?) is:life imitates ( art imitates (life imitates art)).Maybe "life" is always going to get the last word (the first word syntactically), given art is a biological process. The philosopher nerd in me thinks the quote is supposed to go "Art imitates Life" (historically). However, google has brought to my attention that Oscar Wilde has articulated about the other order:
She's referencing Wilde, and likely believes more so in his interpretation as well. Many artists do, and I can see her having taken it up as something of a motto. She shapes her life to imitate art, and in general, the times we live in can seem so surreal, it may feel like that anyway.