I notice that the shredded portion doesn't line up with the part still in the frame in the photo. The top of the girl's head looks too far up and to the left to be part of the same picture.
That was my thinking, too, and it would indicate that the shredded and original picture are not one and the same. Thinking this further, if he actually used something like a banknote printing trick device, the whole process could be reversed at the next auction :)
Love this idea! I wonder if this thing is going to be x-rayed by the current owner though... Maybe he left a note in it to convince the owner to play along.
I did some measurements on stills and it appears to be well within the reason of lining up. Using a ruler and stills taken from same vantage point... the distance is very close.
