Well, technically tracing could be considered artwork; I consider Andy Warhol an artist for example. But even in a marginal sense, there's a difference between using a tracing in an artistic context (as commentary, satire, or the like), and simply to make a buck. This clearly the latter case.

From what one of the editors at W.W. said, they were very unhappy, both about the tracing, and the fact that this went public before they could come up with a coherent response.