My conception of phantasy, as a genuine art-form, is an extension rather than a negation of reality. Ordinary tales about a castle ghost or old-fashioned werewolf are merely so much junk. The true function of phantasy is to give the imagination a ground for limitless expansion, and to satisfy aesthetically the sincere and burning curiosity and sense of awe which a sensitive minority of mankind feel toward the alluring and provocative abysses of unplumbed space and unguessed entity which press in upon the known world from unknown infinities and in unknown relationships of time, space, matter, force, dimensionality, and consciousness. This curiosity and sense of awe, I believe, are quite basic among the sensitive minority in question; and I see no reason to think that they will decline in the future — for as you point out, the frontier of the unknown can never do more than scratch the surface of eternally unknowable infinity. But the truly sensitive will never be more than a minority, because most persons — even those of the keenest possible intellect and aesthetic ability — simply have not the psychological equipment or adjustment to feel that way. I have taken pains to sound various persons as to their capacity to feel profoundly regarding the cosmos and the disturbing and fascinating quality of the extra-terrestrial and perpetually unknown; and my results reveal a surprisingly small quota.
H. P. Lovecraft, in a letter to Clark Ashton Smith (17 October 1930), quoted in Lord of a Visible World: An Autobiography in Letters edited by S.T. Joshi, p. 213.