Created and rendered in Zbrush.
A framed image of a rocking horse from the Series: Ordinary Pictures Found Hanging in an Average Home.
All elements created in Zbrush and composited and color corrected in Photoshop.
Displayed in the Siggraph 2005 art gallery
Thread at Zbrush Central:
http://206.145.80.239/zbc/showthread.php?t=022585
Thread at Cgtalk.com:
http://www.cgtalk.com/showthread.php?t=197984
Close-ups and concept art below: