Resized to 77% of original (view original)
Artist's commentary
"Everyting fades with time"
Spice & Wolf light novel volume 18, colorized illustration by Jyuu Ayakura.
Original illustration: https://photos.app.goo.gl/fdu1EkzjPLE86tpb9
With regards to spoilers,... You will only know if things are as they seem if you read the novels. ;)