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A unique piece of art has come up for auction. You are an art expert for a dealer, and recognize that it may be an

A unique piece of art has come up for auction. You are an art expert for a dealer, and recognize that it may be an unknown piece from a famous artist – placing your value at $625K. Discussion of the piece seems to suggest that it is currently valued between $200-300K – but consider that others may recognize it as well. The auction is a first-price style auction – what do you suggest the dealer bids?


$200K

$300K

$600K

$800K

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