I've just been having a poke around and found the illustrations by Tove Jansson for a Swedish edition of The Hobbit:
http://www.zepe.de/tjillu/hobbit/index.html
They're not my imaginings of what Hobbits look like, but I do like them! I especially like Smaug with his six legs, and they're slightly creepy but cute at the same time. Her version of Gollum is worth checking out - he's huge!
Tove Jansson incidentally is more famous for creating Moomintroll:
http://en.wikipedia.org/wiki/Tove_Jansson
Any of you Scandi-Downers know more about this edition of The Hobbit? I'd like to get one! It does look very old (and hence probably collectible and expensive) though.