This artwork is a frame from Episode 2 of “Urotsukidoji: New Saga”, which is part of the Urotsukidoji erotic-horror anime series that is partly based on the manga of the same name. The featured monster is named Dokakuryu and his naked tentacle-ravaged captive is Yuri. The episode where this artwork appears is available on YouTube, and the scene begins at the 43:30 mark.
Image provenance by Bacchus at Erosblog.