Looks like a touched up scan from a DND cover.
(ed.CONS:link added,thanks!)

Scan from druuna comic.
(ed.CONS:link added,thanks!)

After a tineye search and a bit of sleuthing I found this.
looks that it is simply a slightly touched up ad he found somewhere on the web most likely. Especially since tineye would not find something that was a redraw.
(ed.CONS:link added,thanks!)

Again, the "unknown" is still there...

just forgot to delete the association. fixed now.

Picture is signed [KM] but I can't find somebody with a similar nick within Razor1911 past and present memberlists...

Why "and Unknown"?

my bad, but still counts

Amazingly enough this picture is by Invisible

http://artcity.bitfellas.org/index.php?a=artist&id=1881

veto: how is this ham6. it is not even in 12 bit colours and does not have a single glitch. Looks like straight 24bit painting to me.

Made by Asphyx.

made by Asphyx. Some more gfx (including demoscene-related) can be found on his DeviantArt gallery.
(ed.CONS:link added to profile.thanks!)

Made by Teatowel of Action.

Codetapper commented: "This is the first logo created by Teatowel for Action! It is a 16 colour image!"

source: http://whdloadrules.tripod.com/artwork.html

Made by Shastar of Action.

Codetapper of Action commented: "This is the first logo created by Shastar for Action! It is a 16 colour image with very good shading!"

source: http://whdloadrules.tripod.com/artwork.html

Made by Codetapper.

Author's comment: "This logo was created using Xara 3D version 3! It is a 32 colour image and was created in less than a minute!"

source: http://whdloadrules.tripod.com/artwork.html

actually it's by Codetapper!

http://whdloadrules.tripod.com/artwork.html

ouch!

The main attraction, the lady in the middle is by Bob Stevenson (from the game Myth)

pretty much looks like it

Is it the insp' or the original ?