I wanted to know more, so I searched and found this. It's still 100% amazing though.
http://urbanlegends.about.com/library/bl_elephant_painting.htm
http://www.snopes.com/photos/animals/elephantpainting.asp
"Comments: The video is real, but it's important to note that the elephant painting this "self-portrait" -- a male by the name of Paya who resides in the Maesa Elephant Camp in Chiang Mai, Thailand -- has been painstakingly trained to produce this image, and may even be receiving off-camera hand or voice directions from a "mahout," or trainer. As animal expert Vicki Croke explained in a video interview with Newsday Live, "If you put a canvas in Paya's barn and gave him two weeks he would not have painted that elephant. He's been trained to do that."
"Elephant art" has become a popular commodity at zoos and animal compounds in recent years, with some elephant paintings fetching as much as $500. Most of the artworks are best described as "non-representational," however, consisting as they do of random splotches and streaks of color. Sophisticated images such as the one above are less common because they require more training. Another Thai elephant named Hong has produced similar paintings. "
http://urbanlegends.about.com/library/bl_elephant_painting.htm
http://www.snopes.com/photos/animals/elephantpainting.asp
"Comments: The video is real, but it's important to note that the elephant painting this "self-portrait" -- a male by the name of Paya who resides in the Maesa Elephant Camp in Chiang Mai, Thailand -- has been painstakingly trained to produce this image, and may even be receiving off-camera hand or voice directions from a "mahout," or trainer. As animal expert Vicki Croke explained in a video interview with Newsday Live, "If you put a canvas in Paya's barn and gave him two weeks he would not have painted that elephant. He's been trained to do that."
"Elephant art" has become a popular commodity at zoos and animal compounds in recent years, with some elephant paintings fetching as much as $500. Most of the artworks are best described as "non-representational," however, consisting as they do of random splotches and streaks of color. Sophisticated images such as the one above are less common because they require more training. Another Thai elephant named Hong has produced similar paintings. "