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Art Appraiser

Real-Life Activities

Real-Life Decision Making -- Solution

You accept his offer of $500 and laugh all the way to the bank.

This is the real-life decision appraiser Kathryn Minard would make in this situation. "If someone approached me about purchasing a masterpiece and they did not know the value, I would be at liberty to acquire it at an agreed price," she says.

However, if the seller asks her to appraise the painting, ethically she says she has two choices. "I can appraise it and fully inform them of the value of the object or I must tell them I am interested in purchasing it and, therefore, I cannot appraise it because it would be a conflict of interest."