Any type of personal property (wines, art, books, jewelry, etc.) has different values, depending on the purpose of the appraisal. For example, Retail Replacement Value (RRV) is the value normally used for Insurance purposes (insurance scheduling for a new policy, or for an insurance damage or loss claim). This is generally considered the highest value associated with a personal property item. RRV is basically the cost to go out and buy the same or comparable item from a retail store now.
The next lower value is called Fair Market Value (FMV). This is the value normally used for IRS purposes (e.g. charitable contributions, estate taxes, etc.). FMV is generally defined as the auction hammer price plus the buyer's premium charged by the auction house, or the total cost one would pay to buy the item at an auction house.
The next lower value after FMV is called Marketable Cash Value (MCV). This is the value normally used for equitable distribution (divorce) purposes, or deaccession (selling an item) purposes. MCV is generally defined as the auction hammer price minus the seller's premium charged by the auction house, or the net amount one would receive from the sale of their item at an auction house.
The lowest value is called Liquidation Value (LV). This is the amount one would generally receive if they were forced to sell their item for cash immediately, rather than wait for an orderly disposition at an auction, which might take many months before the item was sold and the proceeds received.