Replacement Value

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. 

1. New Replacement Value - based on the idea that the item is still available somewhere else new on the primary market.
2. Secondhand Replacement Value - reflects the current cost to replace an item in roughly similar condition on the secondary market.
3. Facsimile Replacement Value - reflects the cost of recreating an item in the likeness of the original, adhering to the same quality standards and using roughly the same materials.

Liquidation Replacement Value - is the price garnered for an item that is forced to be sold under unusual circumstances (i.e. time constraints or other limiting conditions).