Market value

Market value is an estimate of the amount an object could exchange for on a specified valuation date under stated market assumptions. The international valuation definition assumes willing, independent parties acting with adequate knowledge and without compulsion, after appropriate marketing.

Date and comparisons

A valuation applies to a date, not indefinitely. For pre-owned household contents, a practical starting point is a clear object description and comparable sales. Document identity, dimensions and condition so the comparison concerns sufficiently similar objects. An advertised price alone does not prove a completed sale.

Value and net proceeds differ

Distinguish market value from sentimental value, an actual agreed sale price and the amount retained by the seller. Selling costs should be stated separately when calculating net proceeds. For auctions, clarify the estimate and auction fees.

Next steps

Explain the purpose before commissioning a valuation. Read about OBA's valuation and appraisal services and agree the purpose, scope and price. This article explains a valuation concept; it does not determine a specific value or a statutory tax or estate value.