I’d say that an artist would be inclined to do this as a side project and look to sell as they near completion, it’d be a pretty sweet way to have a profitable long term project. If it were to be commissioned by someone it’d depend on the intent… someone could commission it with the intent to auction it. They could pay a salary to the artist, with the expectation of a bonus dependent on the auction results. But if someone were to just commission it to own it outright… i don’t know. These are questions for people way more qualified than I 
Also, would the artist or seller need permission from the Tolkien estate?