Three cautions: always follow the fat over lean rule, so if the old painting has upper layers that are fat, don't start your new painting on top of it with lean layers.
Also, paint becomes more transparent over time. You wouldn't want some object from your old painting to come peeking through the new one at some point down the road.
And of course, a painting done "just for yourself" may turn out to be a masterpiece and you might just wish you had done it on a fresh canvas to begin with.
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