In 2006, Willem de Koonigs abstract painting Woman III sold for $137.5 million. Portray this sale in

Question:

In 2006, Willem de Koonig’s abstract painting Woman III

sold for $137.5 million. Portray this sale in a demand and supply diagram, and comment on the elasticity of supply.

Comedian George Carlin once mused, “If a painting can be forged well enough to fool some experts, why is the original so valuable?” Provide an answer. LO4

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