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That's vital because, contra Rampling, what art is valued depends a lot on who is doing the valuing, and the context in which that valuing occurs.
Nevertheless, Merrill's decision to write down its holdings as it did gives a clear signal to other banks and brokerage firms that valuing similar assets at lofty levels is no longer acceptable or credible.
It is true, as the bankers argue, that valuing illiquid instruments is tricky.
The firm noted that valuing the company "is challenging," since it is not expected to generate profit until 2014.
She points out that valuing goods in terms of price alone is a relatively recent shift and therefore with a little prodding, could be reversed.
"There's no trading right now; there's no property market to speak of," said Mr. Puryear, noting, too, that valuing properties remains an arduous task.
Similar(29)
That valued SolarCity at $861 million.
That values the project at $1bn already.
And certainly a generation that values social.
That values the company at $24.3bn.
Find an employer that values their employees.
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