Description: A painting by artist Jacob Lawrence, apparently missing for the last 60 years, was rediscovered recently on a good hunch from a visitor to the Metropolitan Museum of Art. When viewing an exhibit of a series of Lawrence’s paintings, the visitor took note of the empty spots on the wall where the missing paintings from the series would go. Having a hunch that a painting hanging in the home of two friends may well be of the missing pieces, she approached the couple. Now, the painting they purchased for a small sum at a charity auction many years ago has been reunited with the series.
Date: October 21, 2020
1) Does your university campus have an art gallery? When did you last visit it?
2) If you were the elderly couple noted in the story, would you have reunited a painting you purchased legally with the collection? Why or why not?
3) In Chapter 6 of Wiley’s Financial Accounting: Tools for Business Decision-Making, we learn three approaches to placing a cost on items in inventory. If you were an accountant for an art dealer, which inventory cost formula would you be likely to use? Why?