Fair Market Value: Fair market value (FMV) is the price that the art would sell for on the open market between a willing buyer and a willing seller, with neither being required to act and both have reasonable knowledge of the relevant facts. If there is a restriction on donated art, the FMV will reflect this restriction. This is the appraisal value that usually applied to charitable donations and estate values.

Replacement Value: Replacement value (RV) is the amount it would cost to replace an item with one of similar and like quality purchased in the most appropriate marketplace within a limited amount of time. This is the highest of the appraised values and is applied primarily to insurance coverage.

Market Value: Market value (MV) is the value realized, net of expenses, but a willing seller disposing of property in a competitive and open market to a willing buyer, both being reasonably knowledgeable of all relevant facts, and neither being under any constraint to buy or sell.

Liquidation Value: Liquidation value (LV) is the value realized in a sale situation under forced on limiting conditions and some time constraints.