Not a book of fantasy fiction, but a book about fantasy fiction: Fantasy: the 100 Best Books by James Cawthorne and Michael Moorcock. This was published about 1989, as I recall, and ends with Tom Holt's Expecting Someone Taller.
I've dipped into this off and on for the last month and a half. Apparently, Moorcock had been commissioned to write the book, but was too committed to other projects to fulfill the contract and so brought in Cawthorne, another of the New Worlds contingent from the 1960s. Cawthorne chose the titles and wrote the summaries/comments, and Moorcock gave it all his blessing -- Moorcock probably had a say in it, but gives the impression that Cawthorne did the majority of the work.
It's interesting to me how many books Cawthorne included that I'd think of as horror rather than fantasy (The Monk; Melmoth the Wanderer; The Narrative of Arthur Gordon Pym; Dracula; The Turn of the Screw; At the Mountains of Madness; The Case of Charles Dexter Ward; The Haunting of Hill House, among others) or as s.f. or proto-s.f. rather than fantasy (Frankenstein; Flatland;The Crystal World, etc). There are also works like Moby Dick,Wuthering Heights and Uncle Silas that need a pretty broad definition of fantasy in order to be included, which isn't really supplied, just implied.
There are also some surprising omissions, mainly from the second half of the 20th century: Something Wicked This Way Comes or The October Country, The Last Unicorn, Watership Down, Mythago Wood (Moorcock mentions his regret about this one not being included in his introduction), The Land of Laughs, and The Bloody Chamber and Other Stories (although there is another book in the list by Angela Carter), to name a few that come to mind.
All that said, Cawthorne's is an entertaining and informative voice. He is not rah-rah about most of these books, and not always complimentary about choices the authors made, but his assessments seem fair for the ones I've read. I was also interested to see that the writer he favors most besides Tolkein and Mervyn Peake, is Fritz Leiber, who has a whopping four titles included; besides the almost obligatory Fahfred and the Gray Mouser title (Adept's Gambit), he lists Conjure Wife, You're All Alone and Our Lady of Darkness, all of which could also be called horror rather than fantasy, but I tend to have a broad definition of fantasy, too, so it's okay with me.
Randy M.