You are correct, of course.
But in my fantastical interpretive vision the painting is a quasi-surrealistic mirror-reversal of the “gaze,” or as Jacques Lacan would say, in psychoanalytic terms, a non-diegetic and therefore non-threatening power-play between cuckold viewer / owner and imagined innocent victim... All of which indicates, to me, ultimately, that upon seeing such a work at Goodwill, for, say, $10, I would indeed take a moment to gauge the value of the frame.
(chuckle)
What's a world-class predator to do? All the really good stuff is already in some museum, and they'd rather die (!) than buy an "Elvis on black velvet."
Mr. niteowl77