Royal family intellectual property. Who owns their image?

We all see endless photos of the royal family on everything from clocks to calendars. Can anyone make and sell these or is there licensing involved?

I'm not wanting to sell them, in case you are wondering, I'm just curious.

Somewhat on topic, I'm also curious what kind of revenue has been created by the passing of the late king. Shirts, flags, bracelets, arm bands, flowers, #9 on everything, jewelry, and so on. The revenue created has to be massive. His unfortunate passing created an industry within itself.