The Oracle: Altered Images

A – The answer to your question involves both copyright and image right issues. You say you have created the drawing of John Lennon yourself. As the original creator of the work, you automatically own the copyright that subsists in the drawing itself. However, before you make commercial use of the drawing you need to consider whether you are entitled to use John Lennon’s image in this way.
The importance and value of an artist’s image increases as they become more well known. In many countries “image” is protected in much the same way as a songwriter’s copyright in his or her music is protected. By “image” I mean the artist’s general appearance, likeness, face and voice. Obviously in drawing a picture of John Lennon you have reproduced his likeness. The key question is whether the rights to his “likeness” are owned or controlled by somebody, and whether you need permission to make commercial use of the “likeness”. I would imagine (no pun intended) that these rights are owned either by the estate of John Lennon or some third party who has purchased the rights.
To start with, “image” rights are owned by the artist themselves. When the artist dies the rights will pass to his estate and these rights will exist for a fixed number of years (In California, for 70 years after death). During this period of protection, the artist’s survivors have the ability to earn income from licensing the artist’s image rights to people like you. In many cases, however, the image rights of both living and dead celebrities will be held by a third party who manages the licensing of those rights. In the case of many internationally recognised celebrities (e.g. Tiger Woods) exclusive licences of image rights may be granted to celebrity licensing entities.
Basically, before you produce Lennon’s likeness on your record cover you should find out who owns the rights to his image. You should then make contact and find, firstly, if they will allow you to use his image in this way, and secondly, what it's going to cost you.
I have to qualify the above by saying that the concept of “image” or “personality rights” are not yet specifically recognised in Ireland by way of legislation, and the case law in the area is thin on the ground. I’d look for permission if I were you before doing this.