First of all, screw the other guy. If it's a "very rare chest" then I'll open it instead and *hopefully* make more gold with the drop from it and the chance of retaining the lockpick as well, because it's also my only chance of opening that chest too. Second, it's very unlikely that he'd pay almost five times the going rate, since if you did sell him the pick, then the same situation may play out for him as well. And as long as lockpicks are readily available from merchants or a source where the price is governed, no one would want to pay more than that.
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