diff --git a/src/pipeline.cc b/src/pipeline.cc
index 91c09de49..b21625c5e 100644
--- a/src/pipeline.cc
+++ b/src/pipeline.cc
@@ -357,11 +357,6 @@ class PipelineWorker : public Napi::AsyncWorker {
         image = sharp::Flatten(image, baton->flattenBackground);
       }
 
-      // Negate the colours in the image
-      if (baton->negate) {
-        image = sharp::Negate(image, baton->negateAlpha);
-      }
-
       // Gamma encoding (darken)
       if (baton->gamma >= 1 && baton->gamma <= 3) {
         image = sharp::Gamma(image, 1.0 / baton->gamma);
@@ -821,6 +816,12 @@ class PipelineWorker : public Napi::AsyncWorker {
       } else if (baton->keepMetadata & VIPS_FOREIGN_KEEP_ICC) {
         image = sharp::SetProfile(image, inputProfile);
       }
+
+      // Negate the colours in the image
+      if (baton->negate) {
+        image = sharp::Negate(image, baton->negateAlpha);
+      }
+
       // Override EXIF Orientation tag
       if (baton->withMetadataOrientation != -1) {
         image = sharp::SetExifOrientation(image, baton->withMetadataOrientation);
diff --git a/test/fixtures/XCMYK 2017.icc b/test/fixtures/XCMYK 2017.icc
new file mode 100644
index 000000000..ec9aae7d4
Binary files /dev/null and b/test/fixtures/XCMYK 2017.icc differ
diff --git a/test/fixtures/expected/colourspace.cmyk-to-cmyk-negated.tif b/test/fixtures/expected/colourspace.cmyk-to-cmyk-negated.tif
new file mode 100644
index 000000000..e1f1b60e9
Binary files /dev/null and b/test/fixtures/expected/colourspace.cmyk-to-cmyk-negated.tif differ
diff --git a/test/fixtures/expected/negate-trans.png b/test/fixtures/expected/negate-trans.png
index 52e79e5f6..d590068cc 100644
Binary files a/test/fixtures/expected/negate-trans.png and b/test/fixtures/expected/negate-trans.png differ
diff --git a/test/fixtures/fogra-0-100-100-0.tif b/test/fixtures/fogra-0-100-100-0.tif
new file mode 100644
index 000000000..d6c3a598a
Binary files /dev/null and b/test/fixtures/fogra-0-100-100-0.tif differ
diff --git a/test/fixtures/index.js b/test/fixtures/index.js
index a436e8ead..40f05dbc9 100644
--- a/test/fixtures/index.js
+++ b/test/fixtures/index.js
@@ -114,6 +114,7 @@ module.exports = {
   inputTiffUncompressed: getPath('uncompressed_tiff.tiff'), // https://code.google.com/archive/p/imagetestsuite/wikis/TIFFTestSuite.wiki file: 0c84d07e1b22b76f24cccc70d8788e4a.tif
   inputTiff8BitDepth: getPath('8bit_depth.tiff'),
   inputTifftagPhotoshop: getPath('tifftag-photoshop.tiff'), // https://github.com/lovell/sharp/issues/1600
+  inputTiffFogra: getPath('fogra-0-100-100-0.tif'), // https://github.com/lovell/sharp/issues/4045
 
   inputJp2: getPath('relax.jp2'), // https://www.fnordware.com/j2k/relax.jp2
   inputGif: getPath('Crash_test.gif'), // http://upload.wikimedia.org/wikipedia/commons/e/e3/Crash_test.gif
diff --git a/test/unit/colourspace.js b/test/unit/colourspace.js
index 71ce402d6..33e4e329b 100644
--- a/test/unit/colourspace.js
+++ b/test/unit/colourspace.js
@@ -106,6 +106,43 @@ describe('Colour space conversion', function () {
     );
   });
 
+  it('CMYK profile to CMYK profile conversion using perceptual intent', async () => {
+    const data = await sharp(fixtures.inputTiffFogra)
+      .resize(320, 240)
+      .toColourspace('cmyk')
+      .pipelineColourspace('cmyk')
+      .withIccProfile(fixtures.path('XCMYK 2017.icc'))
+      .raw()
+      .toBuffer();
+
+    const [c, m, y, k] = data;
+    assert.deepStrictEqual(
+      { c, m, y, k },
+      { c: 1, m: 239, y: 227, k: 5 }
+    );
+  });
+
+  it('CMYK profile to CMYK profile with negate', (done) => {
+    sharp(fixtures.inputTiffFogra)
+      .resize(320, 240)
+      .toColourspace('cmyk')
+      .pipelineColourspace('cmyk')
+      .withIccProfile(fixtures.path('XCMYK 2017.icc'))
+      .negate()
+      .toBuffer(function (err, data, info) {
+        if (err) throw err;
+        assert.strictEqual('tiff', info.format);
+        assert.strictEqual(320, info.width);
+        assert.strictEqual(240, info.height);
+        fixtures.assertSimilar(
+          fixtures.expected('colourspace.cmyk-to-cmyk-negated.tif'),
+          data,
+          { threshold: 0 },
+          done
+        );
+      });
+  });
+
   it('From sRGB with RGB16 pipeline, resize with gamma, to sRGB', function (done) {
     sharp(fixtures.inputPngGradients)
       .pipelineColourspace('rgb16')