Stereophile has a three part article concerning copyright that spells out exactly what rights the artist has and you have. After reading it I thought about what would happen if the artist wished to recall the music performance on that CD.

While it obviously sounds kooky the fact is he owns the music on that CD. So I pondered the effect of taking that concept to the extreme.
No big deal.

Adapted works are another thing altogether. You might want to look into "fair use" and "parody" and how they relate to copyrights.

It doesn't matter if the owner of the CD thinks the work is underutilized or not, the copyright owner is who ultimately has the right to decide whether it should be played publically. So if the copyright owner decided he wanted the work to be silenced, he has that right. The owner of the CD would still have the right to use the CD privately, but he never had the right to promote it publically, so no "rights" would have been rescinded.

"Fair Use" is a different issue. It has nothing to do with selling a single copy of a work that was purchased, like transferring title of a used car. "Fair Use" is the ability to talk about a copyrighted work, to maybe even quote parts of it or make a likeness of a copyrighted work, such as a parody.