Queen Letizia looks unbelievable in strapless gown in new portraits taken by Annie Leibovitz

Queen Letizia wearing black strapless gown
Queen Letizia looked incredible (ANNIE LEIBOVITZ)

King Felipe and Queen Letizia have been captured by world-renowned photographer Annie Leibovitz for new official portraits, in what is a momentous year for the Spanish royals.

Letizia, 52, looks breathtaking in a black strapless gown by Spanish courtier Cristóbal Balenciaga, with ruched detailing across the bodice and an A-list style skirt.

The Spanish queen poses with a red satin shawl draped around her arms, complete with jaw-dropping accessories.

Letizia is pictured wearing Queen Ena's Diamond Riviere necklace and diamond drop earrings.

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Her brunette locks are styled in Hollywood-style waves, as she gazes directly at the camera.

Queen Letizia wearing black strapless gown
Queen Letizia looked incredible (ANNIE LEIBOVITZ)

Meanwhile, her husband, King Felipe, 56, stands proudly in military uniform inside the opulent Gasparini Hall of the Royal Palace in Madrid.

The two portraits make a diptych so that they match perfectly when hung together. The images were presented by the Bank of Spain on Monday and released publicly on Tuesday.

King Felipe photographed by ANNIE LEIBOVITZ
King Felipe marked the tenth year of his reign in June (ANNIE LEIBOVITZ)

The photographs were taken by Leibovitz in February, along with a third image of the former Governor of the Bank of Spain, Pablo Hernández de Cos, who left the position in June.

The Governor of the Bank of Spain
The Governor of the Bank of Spain (ANNIE LEIBOVITZ)

The release of the portraits comes a few months after King Felipe and Queen Letizia celebrated their 20th wedding anniversary in May.

The then Prince Felipe wed former TV news anchor Letizia on 22 May 2004 at Almudena Cathedral, with the bride wowing in a high-necked silk dress by Spanish couturier Manuel Pertegaz.

Letizia and Felipe on their wedding day in 2004
Letizia and Felipe on their wedding day in 2004 (Getty)

Back in June, Felipe also marked the tenth anniversary of his reign, having ascended the throne following his father's Juan Carlos I's abdication.

The couple are parents to Princess Leonor, 19, and Infanta Sofia, 17.

Annie Leibovitz's royal subjects

The photographer is no stranger to capturing portraits of royalty. She became the first American to take an official portrait of Queen Elizabeth II, with the photographs commissioned by the palace to celebrate Her Majesty's state visit to the US in 2007.

Leibovitz was also given the honour again in 2016 to capture shots of the late Queen to mark her 90th birthday.

She was pictured with five of her great-grandchildren and her two youngest grandchildren for one of the sittings, with a young Princess Charlotte sitting on her great-grandmother's lap and Mia Tindall, then two, proudly holding the late Queen's famous black handbag.