When doing research using BVResearch Pro, you may stumble on some very interesting things in addition to what you’re specifically looking for. For example, we were researching a topic under the market approach, and, in the search results, an article, “The Valuation Profession—A Brief History,” written by James Catty, popped up that traced the concept of value back to Plato and Aristotle, who believed that the value of an object was created by and existed only in the mind of man. “Res tantum valet quantum vendi potest” is a quote from Roman philosopher Seneca (c. 4 B.C.-65), paraphrasing Aristotle, which means: “A thing is worth only what someone else will pay for it.” “This can definitely be considered the origin of the market approach,” Catty writes. “To a large degree, Aristotle’s view is still relevant today both for taxes and financial reporting, where, however, at various times, the term ‘value’ can take on different meanings.”

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