That is the question posed in this case: Andy Warhol Foundation for the Visual Arts, Inc. v. Goldsmith, which is before the U.S. Supreme Court. The “oral argument” is scheduled for 12 October at 10:00 AM Eastern (see here); in addition, the Federalist Society is sponsoring a national “teleforum” about this case during the afternoon of 12 October at 3:00 PM Eastern (register here). For more background, check out this recent report via Reuters. Also, check out my 2019 NYU paper (“Of Coase and Copyrights”). Although the focus of my paper is on the law and economics of literary fan art, I explain why disputes about the fair use doctrine in copyright law–i.e. disputes between “creators” and “copiers”–are really a reciprocal problem and when copiers should be given the benefit of the doubt.