[[Warhol had purchased the copyright from a magazine who published the original photo. Ends up, they did not own the copyright]]
Kind of akin to someone purchasing a stolen care with a title that wasn’t theirs.
Thank you. Now I understand the legaleeze.
It’s a bit more complex than that.
Warhol substantially altered the picture, Conde Nast had published the picture in their magazine, so Fair Use applies, and Conde Nast then sold copyright use to Warhol.