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"Bilbo comes to the Huts of the Raft-elves" - ORIGINAL by Tolkien (1937)
(jrrtestate.wpenginepowered.com)
Source with more illustrations: The Hobbit - The Tolkien Estate
‘Bilbo comes to the Huts of the Raft-elves’, July 1937. Tolkien was disappointed when this illustration was left out of the American edition as it was his favourite one, where he felt he had captured the scene most successfully.
And more illustrations, maps and calligraphy on the same page: https://www.tolkienestate.com/painting/
All of Tolkien's original artwork from the Hobbit is fantastic. My copy has several interspersed throughout the book including my absolute favorite:
which I shamelessly edited to make another beer label a while back: 
The linked source has 12 of them in case others want to take a look.
And more illustrations, maps and calligraphy on the same page: https://www.tolkienestate.com/painting/