This is an awesome oil painting by German illustrator Heinrich Kley. I believe it is titled "The Race".
Most of us know Kley from his delicious pen and ink drawings of anthropomorphic animals, delicate nudes or nightmarish visions. But he also did a lot of color work,
some realistic, some set in a fantasy world like this one.
Frank Thomas was a big admirer of Kley's work. After all, Walt Disney and Kley did the same thing: They both showed what implausible characters and situations could look like in a totally believable way.