Pricing Lessons and Strategies

A friend reminded me of this pricing lesson from Picasso:

A woman was strolling along a street in Paris some years ago when she spotted the world famous painter Pablo Picasso sketching at a sidewalk cafe. She plucked up the courage to approach him and asked him if he could do a sketch of her and charge her accordingly. Picasso obliged, and minutes later she was the owner of an original Picasso. She then asked what she owed him. “Five thousand francs” he replied. “But it only took you three minutes” she politely reminded him. “No,” said Picasso, “It took me my entire life.”
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