US brand licensing company Authentic Brands buys iconic photo library for £20m
A British photography archive of some of the most iconic music images has been sold to a brand licensing company Authentic Brands for around £20m.
The deal with UK company Iconic Images includes photographs of the likes of Jimi Hendrix and Audrey Hepburn.
As first reported by the Financial Times, Authentic Brands, which is part-owned by asset manager BlackRock, already has a catalogue of fashion and brand licenses, including retailer Forever 21, and the brand rights of Elvis Presley.
It also acquired sportswear brand Reebok for up to €2.1bn in August.
Following the deal with Iconic Images, it is reported that Authentic Brands will establish a fine arts division.
The move represents a tide of investor confidence in the arts, as well as the rise of non-fungible tokens in the music and arts sphere.