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At first glance, this looks like a painting by Bourguereau gone stark raving mad, or something Frank Frazetta might have done if he'd been a Victorian academic painter.  In fact, it's a work from 1878 by Luis Ricardo Falero.  Falero did a lot of supernatural-themed paintings with voluptuous nudes, but from what I've seen, this is his masterpiece.

The depth of the image, and the smarmy but delightful eroticism of the scene, are wonderful.

[With thanks to Boing Boing.]