Populating a drop down custom field with posts

I am creating a site for an art gallery.

I have two types of posts:
- Artists
- Pieces

Each piece represents an inventory item in the gallery.

I am trying to set it up so that when someone in the gallery (site admin) creates a new piece, there will be a drop-down field that specifies the artist.

Here's the problem. I would like to have the drop down in the admin be a list of artists that is generated from the artists that have been entered into the system as posts.

Is this possible?

Thanks in advance.