This charming Gaughin woodcut, a memory of the French artist's life among the Polynesians, is one of the many specimens of graphic art on display today on Newcomb Hall's second floor. The exhibit, which opened yesterday, is presented by London Grafica Arts, Inc., a division of the London Arts Group, and includes a broad sampling of original woodcuts, lithographs, etchings, lino-cuts and silk-screens, all of which are for sale. The collection includes works of Old Masters and contemporaries.