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Britain's residential-property tax, for example, is based on valuations from more than 20 years ago.
One could retort that valuations from the 1980s and 1990s are irrelevant because central banks were inflating a bubble.
That money was used in the liquidation for payroll while the museum was obtaining valuations from auction houses.
Council tax, an annual levy on homes to pay for local government, relies on valuations from 1991.
If the industry can make money in 2001, it just might get the higher valuations from investors it has been seeking, Mr. Linenberg said.
He added: "There will be some that are able to remortgage and there are some good deals out there, with free legals and free valuations from the lender.
And will more companies have to raise money in so-called down-rounds, or at lower valuations from their previous rounds?
And Justin Modray, of financial advisers Bestinvest, says that although the expected boost to valuations from conversion to Reits status has already been priced into companies' shares, his research team believes they still look good value.
With a broad economic downturn's effect on portfolio companies coupled with close scrutiny of valuations from auditors, the end-year reports from some private equity firms could turn out to be grim reading.
You can get a feel for how investors have come to trust Level 3 valuations from this comment by Mr. Fuld: "Level 3 by definition includes those assets with low price transparency.
You could get some valuations from your local estate agent, but if you have no intention of using any of them it's not something I'd personally be comfortable doing.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com