Fantasy elements have long appeared in art. As the magic and religion of cultures from the past are now considered superstition and myth to modern society, it would not be unreasonable to draw the line all the back to ancient Egyptian art. Really though, it's modern art with subject matter from myth and legend or that depict magical (or science fiction) themes that are labeled fantasy art.

Like its literary cousins in speculative fiction, fantasy art is adored by fans and ignored or actively shunned mainstream critics. Part of this is due to definition or timing; John William Waterhouse (1849-1917), for instance, did work inspired by myth and literature that may have been considered fantasy art rather than Pre-Raphaelite were he producing it today. It may also be due to the fact that much of what was originally called fantasy art was produced for pulp magazines and tended to more to naughty pubescent imaginings than serious art.

Regardless of mainstream attitudes, fantasy artists have created masterful works from comics to oil paintings to digital media. Elfwood bills itself as the largest site for sci-fi/fantasy art and has long been a place for amateurs and up-and-coming artists to display their work. Many fantasy artists from the barely known to well known create online galleries of their work (check the links capsule for a few of them). And when you're one of the most influential and respected artists in your genre, like Frank Frazetta you can build your own museum.