In order for a work to be protected by copyright it must be “original” in the sense that it is not a mere copy of another work. If it is sufficiently original, the work is likely to be protected by copyright in its own right, even if it is derived from a pre-existing work. The artist who created the derivative work will generally own copyright in it. An example of a derivative work that may be separately protected is a three-dimensional sculpture based on a two-dimensional drawing.
However, if you want to create a derivative work you may need permission from the owner of copyright in the original work if you are reproducing an important part of that work. You may also need permission to reproduce, communicate or publish your work, as this involves the use of the underlying work.