Note new picture is less expensive (3-5)
I believe the answer is:
cut-price
'less expensive' is the definition.
(cut-price means cheap or marked down)
'note new picture' is the wordplay.
'note' becomes 'c' (musical note).
'new' indicates anagramming the letters.
'picture' with letters rearranged gives 'utprice'.
'c'+'utprice'='CUT-PRICE'
'is' is the link.
(Other definitions for cut-price that I've seen before include "At a much reduced rate" , "At reduced cost" .)