Think of Michael Vick's indictment in 2007. It is this understanding that prompts Mike Pellegrino to include probability distributions to account to some degree for the likelihood of subsequent events in his valuations. Pellegrino explained at last month’s teleconference, Valuing Intellectual Property in Entertainment and the Arts with Kevin Yeanoplos and Bill Sipes: “You can go out and measure the possibility of impairment or beneficial gain. For instance, we know statistically that 71 percent of patents do not go forward, or that lawsuits or copyright infringements occur a percentage of the time. So, we can do a reasonable probability distribution to see both the effect of possible impairment or the likelihood that some one takes your unknown YouTube song and uses it on a TV show—including the value of any statutory damages,” he says. The lesson: Your client does not have to be famous to derive significant value from their artistic efforts.