Модель трех активов как эффективный инструмент оценщика в анализе стоимости культурных ценностей
Three assets model – and effective appraisal instrument for value analysis of the objects of cultural heritage

Summary/Abstract: In this article we describe a novel approach at the structure of assets that constitute the value of objects of cultural heritage. Unlike the conventional concept, which takes into account only two components of value (material and nonmaterial), we introduce a third constituent – worth. We analysed the potential behaviour dynamics of this asset over time and its influence on the overall value. Here we propose novel approaches to estimation of the predicted value of an asset. When using the hang-the-expense approach for evaluation of fine art it is recommended to represent their value as a sum of two assets: the intangible and tangible assets [3, 4, 10]. Such representation can be described as a model of two assets. However, objects of cultural heritage (or collectible items – CI), as well as some other objects of evaluation that include elements of creative solutions [4], besides the above mentioned components of evaluation should necessarily include the third component – the worth. Previously, the appraisers have not considered the worth an independent component carrying its own value. During the appraisal various important valuables, such as cultural, historical, scientific, technological etc., were taken into account. Typically, the worth there would be something quantitatively indeterminate, but giving special attention to the object it is assigned to, and distinguishing it from similar objects. We formulate the following hypothesis. Asset worth is intangible. Characteristics of its components are different from those relating to proprietary, copyright and related rights and reflect the nature of the creative, artistic, historical, collectible or other value – Vw. Author proposes to consider the worth of CI, which by the above mentioned standards can be classified as movable property, as a specific intangible asset that can be specially evaluated. Therefore, the overall cost of the object is calculated as a sum of the values of its three assets – tangible, intangible and worth. This representation of the components of the cost of CI is named model of three assets. The nature and methods of calculating the value of assets in this model differ. In particular, the value of tangible assets includes the cost of materials, labor, etc., and the value of intangible assets includes the cost of certain rights to the object. These values are objective and can be installed before the object is sold on the market. The value of the worth asset is subjective and perceived differently by different subjects. In contrast to the previous two assets the value of the worth asset "appears" exclusively at the moment of sale on the market. Model of three assets. A formal record of the model of three assets that make up the cost of a CI (Vci) is represented as the sum of three variables: Vci = Vt + Vi + Vw , where: Vt – the cost of a tangible asset , Vi – the cost of an intangible asset, Vw – the cost of the worth asset. Following the proposed formalism in practice will give the appraiser an opportunity to correctly take into account the financial contribution of each of the assets to the total value of CI. The character of behaviour of the model components in time (shown in the figure down) is followed from the moment when the value is composed only of the values of tangible and intangible assets (Vci=Vt+Vi) to the point when Vw>> Vt+Vi and the value could become Vci Vw. In accordance with the "efficient market hypothesis (EMH [4], such Vw is the "effective value" of the asset worth of a CI on the market, and quantitatively represents the worth of the object of appraisal. From this point in life cycle of the assessment object, only the value of Vw determines its worth. And, in practice [1], this value only increases during the subsequent "life" of the CI, and the possible fluctuations of Vt and Vi do not have a significant effect on it. Model of three assets gave an opportunity to rethink and understand some of the previous results [2,7-11], when the possible values of worth (or value of the asset worth) of the assessment object were sought in the range of values determined by the Levy’s hypothesis (EMH), without taking into account the cost values of variables at the beginning of the life cycle, resulting in unnecessary overstating of the cost values. Additionally, the application of a popular approach of defining the value of CI, based on the increase of a certain basic value by a coefficient picked by the appraiser, may be more correct from the standpoint of this model. Finding the value of CI based on the concepts of the cost approach and using the model of three assets, in our opinion, is simpler and more formalised. This value may be interpreted exclusively as appraised value.

• Details
• Contents