Fair Market Value is “the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” (According to Technical Advisory Memorandum 9235005 [May 27, 1992], Fair Market Value should include the buyer’s premium.)

*IRS definition as stated in the Treasury Regulation Sections 1.170A-1 (c) (2)

Retail Replacement Value is “defined as the highest amount that would be required to replace a property with another of similar age, quality, origin, appearance, provenance, and condition within a reasonable length of time in an appropriate and relevant market.”

Retail Value is “defined as a reasonable amount that would be required to purchase property of similar age, quality, origin, appearance, provenance, and condition within a reasonable length of time in an appropriate and relevant market. Unlike ‘retail replacement value’, ‘retail value’ does not include any fees or additional costs, such as taxes, framing, conservation, restoration, and additional commissions

The net value a willing seller realizes after disposing of property in a competitive and open market to a willing buyer. Both the buyer and seller must be reasonably knowledgeable of all relevant facts, and neither being under constraint to buy or sell. Marketable cash value takes into consideration insurance, dealer commissions, advertising, travel, and shipping expenses that may be involved in the sale.

Forced Liquidation Value is defined as the net price in terms of cash, or other precisely revealed terms, for which the property would change hands if sold immediately, without regard to relevant marketplace and appropriate use.

Uniform Standards of Professional Appraisal Practice and Advisory Opinions. Washington, D.C., 2020-2021 Edition.

Appraisers Association of America. Appraising Art: The Definitive Guide to Appraising the Fine and Decorative Arts. New York, Appraisers Association of America, Inc., 2013.