The Financial Reporting of Publicly‐owned Collections: Whither Financial (market) Values and Contingent Valuation Estimates?

In a continuation of the debate about the valuation of public arts collections for financial reporting purposes, the authors respond to the preceding article with an affirmation of their view that collection items cannot generally be valued as financial assets. Further, they reject the proposition that the contingent valuation method provides an objective approach to measuring the benefits flowing from public collections.