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Different Types of Values

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Retail Replacement Value (RRV):

 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.  

Fair Market Value (FMV):

 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.  

Marketable Cash Value (MCV):

 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.  

Liquidation Value (LV):

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.