Hope It is Hung Right Side Up!
On November 11, 2006, David Martinez, a Mexican financier, bought a painting from David Geffen, a Hollywood entertainment magnate. The painting was No. 5, 1948, an abstract creation by Jackson Pollack done in 1948. The price was a new record for a single piece of art work...$140 million!
This record price represents only paintings that are bought and sold; other paintings are worth much more money, but are not available for sale. For example, it has been estimated that the Mona Lisa would bring more than $700 million at an auction.
Question 1: Given that the Pollack painting is 4 feet x 8 feet, what is the expected cost of one square inch of the painting?
Question 2: Given that the Mona Lisa is 30 inches by 21 inches, what is the expected cost of one square inch of the painting?
Source: Carol Vogel's "A Pollack is Sold, Possibly for a Record Price," New York Times, November 2, 2006