The area of the art paper is 2 * 2 = 4 square feet
The radius (R) of the inscribed circle is half the length of the side of the square = 1
So area of the circle is PI * R^2 = 3.14 square feet
Area of paper left over = Area of square - area of circle = 0.86 square feet
Percentage = 0.86/4 * 100 = 21.5%