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There are several types of buyers for this piece. You could say the value here is the sum of the parts at the low end. That value really goes out the window for other types of buyers. The short block is worth more to someone building a Z/28 that needs an engine. That said, the market will make the determination where the high end of the market actually is at that time. No real way to know that unless the piece is offered to the market and actually sells. You could look at similar recent sales to get an idea. Ebay sales history is available. That is a pretty good indicator of where the market actually is now.
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