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The full painting as would have been used for Shadow Warrior. This art was painted by Julie Bell, body builder and wife of fabled master painter (and hedonistic body builder) Boris Vallejo. They have similar tastes and styles, but she's a damn good artist in her own right.
This art would later be sold on and used for some novel of some sort, which I think had no actual association with Shadow Warrior at all (which is fun, as the design of the dude on the cover, his weird arm guard weapon, and particularly the big serpent demon, the latter who made it to the finished game, were all based on Shadow Warrior concepts). Bell also painted covers to many other games, such as Wolfenstein 3D, as well as a bunch of titles for the Sega Genesis.