Arthur Rackham, arguably the greatest illustrator of mythical creatures like elves, dwarves, goblins etc., passed away in 1939. His illness started in 1937 itself when another event happened. This was the publication of J.R.R.Tolkien's "The Hobbit." Later in 1954-5, his magnum opus "The Lord of the Rings" was published. So the greatest fantasy writer & the greatest fantasy illustrator just missed each other by a whisker, (in the cosmic time-scale) as it were. 
Those who have seen the unmatched illustrations provided by Rackham to both Grimm's & Hans Andersen's fairy tales can only imagine what Rackham would have done with the grotesque & mysterious creatures created in the mind & words of Tolkien. It would have caused a publishing phenomenon never seen earlier & never to be seen in the future. It might have been comparable to the immortal Dante's "The Divine Comedy" illustrated by the 135 woodcuts of the great Gustave Dore, which is fortunately available. Alas, it was never to be!
In this connection, it may be recalled that Maecenas Press 1969 edition of Alice in Wonderland illustrated by Salvador Dali is approx $25,000. Fortunately on the 150th Anniversary of Alice, Princeton University Press reprinted it at $25 only.
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