Gov’t introduces official standards for evaluating cultural property

The Ministry of Justice has officially registered a normative legal act introducing amendments to the Unified National Valuation Standard.

According to the document, National Valuation Standard No. 16, titled "Valuation of the Value of Cultural Property," has been formally adopted. This standard establishes a legal framework for determining the financial value of movable objects that hold national, historical, artistic, scientific, educational, or spiritual significance. This category specifically includes various works of visual and applied arts.

The valuation process will utilize three primary methodologies – the comparative, income, and cost approaches – to ensure a comprehensive assessment of each item's worth. To maintain accuracy and authenticity, the regulations mandate that any object undergoing valuation must be accompanied by an expert art historian's conclusion confirming its status as a cultural asset.

The implementation of this standard is expected to facilitate the active involvement of cultural property in civil circulation. By establishing clear monetary values, the government aims to streamline legal transactions such as sales agreements, the processing of collateral for loans, and insurance arrangements.