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But the limited price signals available also suggest low confidence in their valuations.
Level 3 securities trade infrequently and don't have readily observable values, allowing bankers the most leeway in their valuations.
It was put to Wenger that he had made it sound as if the club and player were a long way apart in their valuations.
Those who had bought during good times tended to be more optimistic in their valuations, whereas those who had bought during a downturn were more realistic.
Assumptions about exit price are probably the most important factor in their valuations of targets—and are continually monitored after deals close.
Real estate appraisers face a quandary in the aftermath of the World Trade Center attacks: whether some estimate of the disaster's effects should be or even can be included in their valuations, and if so, how.
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Private equity funds argue that they are rigorous in their valuation process.
Because there are no easily ascertainable market prices for private companies, subjective judgments play a significant role in their valuation.
They fell short with their offer to Mark Buehrle, and with Fielder they stood firm in their valuation.
"The breakdown in their valuation, through the mechanism of the collateral cycle, may have led to the subsequent stock market crash of 1929-30," they wrote.
The clubs remain apart in their valuation of the England international, Arsenal having set the asking price at £30m, and negotiations are continuing.
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