I've found it in facebook from Magali Villeneuve. Does it mean there is a project of a new version of Arwen?

Magali wrote above this picture: "Study Arwen Undomiel"

Wish I had an idea what you're talking about.

I hope you're right!

It looks to me like it's older art. She did multiple depictions of Arwen so I would not be surprised at all if it were from the Dwarrowdelf days. However, I would also not be surprised to see an Arwen hero in the next cycle due to the bit of focus on Noldor.

Not to mention she'd make a great Hero card. Not only would it be fair to eventually see a Hero Arwen but it would change the meta in an interesting way, forcing spirit players to find a substitute for Arwen Ally if the Hero version is out.

Oh wow, thanks for bringing this to my attention! Her page is an awesome one to like on FB, much of her best artwork is there, Magali's artwork is definitely my favorite!!