Through a series of decision tasks involving colored cards, we provide separate measures of Bayesian updating skills and ability to draw insights. We apply these measures to (and are the first to study) a common-value Dutch auction, whose format is more salient than the strategically equivalent first-price auction and “silent Dutch” formats in hinting that one should condition one’s estimate of the value on having the highest bid. Both Bayesian updating skills and ability to draw insights are shown to help subjects correct for the winner’s curse, as does the saliency of the active-clock Dutch format.