I make this observation knowing that some people will suggest that Fantasy Art and Dnd Art are (or can be) the same. When those people make that argument, they confuse viewer inspiration with creator purpose. An art consumer can be INSPIRED BY a piece of fantasy art, and use that fantasy art to construct a Dungeons and Dragons character, encounter or milieu. What I am referring to, when I speak of DnD Art, is fantasy art whose PURPOSE is to reflect, elaborate or highlight the fantasy elements unique to Dungeons and Dragons. That purpose must be reflected, back, as a clear representation of Dungeons and Dragons; most or all viewers should be able to agree that the fantasy art is also DnD Art.
Having established what I mean by DnD Art, I'm posting two illustrations, below. The first illustration is a classic piece of Larry Elmore art, which appears on the cover of the Mentzer Basic Dungeons and Dragons Red Box. The second illustration, by Wayne Reyonds, appears on the cover of the Pathfinder Beginner Box.
Which of these two illustrations is DnD Art (or "more" DnD, if you are still on the fence regarding my explication, above) and why? For the purpose of this exercize, please ignore the color of the Dragons.