Проблема с прозрачностью в IM

[Valery Romanchev]

Об этом написано здесь:
http://typo3.org/documentation/document-library/goof_fotoboek/Users_manual-90/

Watermarks
If you are using image magick 4 or 5 stay away from this option because all your pictures will be 256 colors. For Image Magick 6 this option is quite neat. The watermark is only applied to the single view so disable the link to the original if you want to "protect" your photos.