An illustration can only be designated as a lectotype if it is part of the original publication of the species and if there are no actual specimens present. Illustrations are always interpretations by the artist of the species, so it is always best to designate a real specimen whenever possible.
First of all you see the attached file on the status of illustration in the protologue (pers. comm. John McNeill).
Keeping in mind Art. 40.4 [ For the purpose of Art. 40, the type of a name of a new species or infraspecific taxon (fossils excepted: see Art. 8.5) may be an illustration prior to 1 January 2007; on or after that date, the type must be a specimen (except as provided in Art. 40.5)], if it can be proved that the author of the name used only the one illustration then it can be the holotype. This is, however, difficult to prove and so in most of the cases the illustration has to be designated as the lectotype.
Also see the relevant Art. 9.3 & 9.12:
9.3 For the purposes of this Code, original material comprises the following elements: (a) those specimens and illustrations (both unpublished and published either prior to or together with the protologue) upon which it can be shown that the description or diagnosis validating the name was based; (b) the holotype and those specimens which, even if not seen by the author of the description or diagnosis validating the name, were indicated as types (syntypes or paratypes) of the name at its valid publication; and (c) the isotypes or isosyntypes of the name irrespective of whether such specimens were seen by either the author of the validating description or diagnosis or the author of the name (but see Art. 7.7, 7.8, and 9.10).
9.12 In lectotype designation, an isotype must be chosen if such exists, or otherwise a syntype if such exists. If no isotype, syntype or isosyntype (duplicate of syntype) is extant, the lectotype must be chosen from among the paratypes if such exist. If no cited specimens exist, the lectotype must be chosen from among the uncited specimens and cited and uncited illustrations that comprise the remaining original material, if such exist.
One can even designate an illustration as the neotype, if the original material are not extant. However, specimens should be given priority over illustrations.