The renowned artist Pablo Picasso created hundreds of paintings and sculptures as well as drawings and sketches numbering in the thousands. He is said to have settled restaurant bills by producing sketches on the spot. (a) What effect does the existence of this large body of work have on the price (increase or decrease of individual pieces of his art? Please explain. (b) Might his heirs suffer financially from being bequeathed too many of his works? As the heirs’ financial advisor, what strategy would you advise them to pursue in selling pieces of his work (sell all the paintings at once or sell them one at a time over several months (or years))? Please give an explanation.
The renowned artist Pablo Picasso created hundreds of paintings and sculptures as well as drawings and sketches numbering in the thousands. He is said to have settled restaurant bills by producing sketches on the spot.
(a) What effect does the existence of this large body of work have on the price (increase or decrease of individual pieces of his art? Please explain.
(b) Might his heirs suffer financially from being bequeathed too many of his works? As the heirs’ financial advisor, what strategy would you advise them to pursue in selling pieces of his work (sell all the paintings at once or sell them one at a time over several months (or years))? Please give an explanation.
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