I am sure the ratio of it was more revealing images of women but he did have beefcake art of male figures too, like this one
View attachment 387927
Pretty certain that was a Caldwell image
That's just not
female-aimed though (or even gay male aimed) - there's nothing about it which can support that analysis. It's beefcake, but it's aimed at impressing heterosexual men and you can tell because there's zero sexualization. Whereas there's tons of sexualization in his imagery of women.
Compare to:
From Heritage Auctions, Boris Vallejo, Mysterious Rider, The New St. Marks Baths advertisement (1978), Oil on board, 31 1/2 × 20 5/8 in
www.artsy.net
Which is aimed at homosexual men (rather than heterosexual). And let me be clear - that's not my theory - it's for an ad for gay bathhouse. Some heterosexual women will also be into it of course.
(Also "Ned Flanders' D&D character")
Or:
webneel.com
Which is, imho, aimed at heterosexual women in a Chippendales-style way. He's ripped barbarian, yes, but he's smiling and opening a bottle of wine for you, and his underwear are, um, well-filled-out (but also not threateningly so).
I've put links rather than the images in case either is too risque.
Let's be clear, I love a lot of Caldwell's pieces, they really impacted me as a fantasy fan and really got me into fantasy but there's a lot of weird sexualization which in some cases I'm not even comfortable linking to, especially his desire to show basically as much crotch as possible short of actual labia etc.
Here's a piece of his I really liked, it was on the cover of FRA, one of the first books I got for D&D:
But I remember even in my era, even as a kid, there were Dragon magazine illustrations/covers and some adventure covers by Caldwell (and others) that made me a little uncomfortable with how sexualized they were, like I didn't want to be seen in public with them.
But again that one image - lady on unicorn in bronze/brass/gold armour with the these misty exotic towers behind her - that is what would appear in my head if you said "Fantasy" as in the genre. Incredible.