"It took less than five minutes for a 1932 portrait thatPicassopainted in just two and a half hours to sell for $41.5 million at Sotheby's on Thursday night" wrote The New York Times onNovember 8, 2012. The painting wasthe "Still Life With Tulips," a 1932 portrait of one of Picasso's mistresses.The last time the work was sold publicly was in 2000 at Christie's New York, where it brought $28.6 million.

Obviously, the supply of authentic Picasso paintings has not shifted since 1973, when Picasso died.Draw the supply curve (be careful) and shift in demand to illustrate this problem.