My original tumblr post was here. This image was researched by Bacchus at ErosBlog as part of the “Δ commission.” The research was originally published at Hedonix as “Δ 035 Gill-Man Back From The War.” Here is what Bacchus found.
This image is a photoshopped alteration of the famous photograph from the end of World War II that was called V-J Day in Times Square, by photographer Alfred Eisenstaedt for Life magazine. The distinctive scales on the arms and the fringed ruff at the back of the neck identify the ‘shopped-in monster as the Gill-man creature in the 1954 movie The Creature From The Black Lagoon.
Here is the image from which the kissing Gill-man portion of the collage was taken:
This would certainly appear to be a photo of behind-the-scenes shenanigans from the making of Creature. A blog post at the Film Noir Photos blog is in accord, offering additional light-hearted images of the Gill-man dancing and mopping, and captioning a version of this photo “The Gill Man steals a kiss from an unsuspecting (but apparently unresisting) stunt woman.” It seems likely enough. (There is however one blog post that suggests without explanation that the image is actually from the production of the sequel Revenge Of The Creature.)
No information about the artist who photoshopped these two photographs together could be discovered.