Purposes of Valuations

Insurance
Based on net current replacement cost. The cost of replacing the asset with one of a substantially similar nature, while taking into account availability of that replacement and considering allowances for influencing factors.

Relationship Property Division
Based on conservative auction estimates, in accordance with industry standards, and by instruction of the courts. The members of Webb’s staff are experts in this area, drawing on extensive auction market records. Relationship Property Division valuations are handled sensitively and with complete confidentiality.

Financial Reporting Valuations
Based on ‘fair value’ as outlined by the Treasury to comply with the valuation requirements of the New Zealand Equivalent to International Accounting Standard 16: (NZ IAS 16) and Crown Accounting Policies within New Zealand’s specified Cultural and Heritage Assets. Fair value is defined as the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction (NZ IAS 16 para 6). Webb’s has specialists in this area who have completed valuations for many of New Zealand’s public art galleries and museums.

Auction Market and Estate Division Valuations
Based on current auction market price. An estimated price range is provided. The low estimate is used for probate and equitable division of family assets and, in the event of consigning to auction, may be recommended as a reserve price.