Lucas is holding a Frazetta print or something in his hand, maybe he was just getting it signed?
Frazetta did do some art for Battlestar Galactica that was used to promote the series, and grace the covers of the early novels.
http://space1970.blogspot.com/2009/11/frazettas-battlestar-galactica-1978.html
http://space1970.blogspot.com/2012/01/original-frazetta-battlestar-galactica.html