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Labyrinth - 2:02 am on Dec 25, 2003 (gmt 0)
Purely hypothetical example, I realize... but without permission of the original copyright holder (e.g., the magazine owner), you don't have the right to make your image in the first place... and without that permission, no, your new image cannot be copyrighted. But why would anyone worry about protecting their own derivative work if they're not worried about stealing from the magazine in the first place? Obviously, theft is not an issue for this person. IANAL.
Let's suppose my site catalogues magazines, and as part of that, I show an image of the magazine cover. I do not OWN that cover, so I cannot copyright my image of that cover.