The renowned Spaniard, Pablo Picasso, was a prolific artist. He 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 monetary value of individual pieces of his art?
b. Might his heirs suffer from being bequeathed too many of his works? As the heirs’ financial adviser, what strategy would you advise them to pursue in selling pieces of his work?