Der Berggeist by Josef Madlener. Der Berggeist is the mountain spirit.
According to Carpenter, Tolkien bought the postcard during his trip to Europe. The envelope containing it was later found with the inscription: "origin of Gandalf"
However, the picture was painted about 1925-1930 and if i remember correctly the postcard was published 1935 in a folder with three or four other pictures. So the postcard must come by another way into Tolkiens hands.
You can find this in an article in
Mythlore 34 Volume 9, Issue 4 Zimmerman, Manfred. “The Origin of Gandalf and Josef Madlener.”
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