The painting's original price was $3,500.
Step-by-step explanation:
Step 1:
The price now is $500 lesser than 3 times the original price. So
The current selling price = (3 × original price) - $500.
If the current selling price is y and the original price is x, then

Step 2:
For this question, we have
. Substituting this in the equation, we get

So the original price of the classic painting was $3,500.