Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are the owner of a small art gallery in the city and sell paintings of local artists of which you take 5 0 %

You are the owner of a small art gallery in the city and sell paintings of local artists of which you take 50% commission. You have been relatively successful in being able to fund yourself and your family of four. However, during the hard lockdown period, business was non-existent, and you have struggled to honour all your financial commitments. Currently business is still slow to pick up.Scenario: An elderly couple in your neighbourhood, with no surviving relatives, are moving into a one-bedroom apartment at a retirement village due to medical conditions. Being hoarders, regardless of the actual value of the items, they are now forced to downscale and get rid of most of their belongings. They approach you with a few paintings that they have left and said you could take the paintings for R 150000. All these paintings are art prints, and not worth much, except for one painting being an original William Kentridge and extremely valuable worth about R 7 million which you can easily sell to an investor. Under normal circumstances, you would have been happy to take 50% commission of the estimated R 7 million. (You would have had no trouble obtaining a bank loan to cover the full amount).
Recognise of ethical issue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Econometric Analysis

Authors: William H. Greene

8th Edition

978-0134461366, 0134461363

More Books

Students also viewed these Economics questions