This image is the cover art for this 1977 collection of erotic comics, and according to that link, the artist is Alessandro Biffignandi. As may be seen in the image, the collection is titled “Seleccions del comic erotico presenta Tentaculos”, meaning roughly “Erotic Comics Selections presents: Tentacles” (part of this series). The same art later appeared on the cover of a 1979 comic called Le trésor sous la mer (The Treasure Under The Sea).
Image provenance by Bacchus at Erosblog.