The painting that Freddie used for the inspiration for his song of the same name is a Victorian painting by the little known English artist Richard Dadd. It usually hangs in the Tate Gallery in London (nearest underground, Pimlico).
The various groups in the lower circle, moving counter-clockwise from the Fairy-Feller are: Ostler, Monk Ploughman and 'Waggoner Will'; two-men-about- town: a clodhopper with satyr's head (seated), a politician, 'some fairy dandy', and his nymph, two elves, a pedagogue (crouching), and the arch magician behind; two ladie's maids, Lubin and his 'Chloe or Phyllis'; two dwarf conjurers. Along the brim of the magician's hat are Queen Mab and her cortege on the left, spanish dancers on the right, with Oberon and Titania and 'a harridan' higher up. At the top left are a 'Tatterdemalion and a Junketer' and 'a dragonfly trumpeter'; to the right are soldier, sailor, tinker, tailor, ploughboy, apothecary, thief.
information taken from Andy's website http://www.pemcom.demon.co.uk/queen/queen2/ffms.html
the painting is here