Final answer:
To determine the painting's original price, the equation 2x + $1000 = $12,000 is set up and solved, revealing that the original price was $5,500.
Step-by-step explanation:
To find the original price of the classic painting, we can set up an equation based on the given information. Let the original price be represented by x. The painting is now selling for $1000 more than two times its original price, which can be written as 2x + $1000.
We know that the selling price is $12,000, so we have the following equation:
2x + $1000 = $12,000
Subtracting $1000 from both sides to isolate the term with x on one side:
2x = $12,000 - $1000
2x = $11,000
Dividing by 2 to solve for x:
x = $11,000 / 2
x = $5,500
Therefore, the original price of the painting was $5500.