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 062 – Binding Fumes.” Here is what Bacchus found.

This artwork is cropped from the cover of the September 1948 issue of Amazing Stories magazine. The complete cover:

The Internet Speculative Fiction Database credits the cover art to Robert Gibson Jones, a prolific pulp artist of the 1940s and 1950s whose signature is also visible lower right in the uncropped cover image. A bibliography of his many science fiction magazine covers and interior illustrations is here.