Three Thousand Dollars marks the first appearances by Joan and Richard Freely, main characters in Lipsky's novel The Art Fair.

The Los Angeles Times noted that Lipsky's collection provided "astonishing insights into the machinations of the New York city art world.

Lipsky was seen to possess "unlimited depth and range of vision,"[5] with the San Francisco Chronicle calling the work "an irresistible debut."

[6][7] Yearly round-up Magill's Literary Annual called the book "a vivid artistic rendition of the experience of growing up, a series of brilliant reflections and poignant insights," adding, "Lipsky’s subtle, fine humor and his irreverently inquiring voice always succeed.

"[7] The Los Angeles Times, while noting the book's "astonishing insights" into the art world concluded, "Lipsky has given his contemporaries a general autobiography, one that will fit the majority with only minor adjustments."