The issue

Throughout the preceding the concept of heritage value has been omnipresent. The CBH becomes identified as such only because its heritage quality is valued by the contemporary generation, both for itself and for passing on to the future. This led to questions as to why that value is held (4.6). We then saw that in order to identify the CBH which is of value there needs to be an inventory (5.1); and that in its preparation specific criteria must be introduced as to the kind of artifacts to be included; whether or not particular items which rank for inclusion have enough heritage quality; and how to grade the heritage quality of such items (5.2). More particularly, in introducing economics into evaluating programmes and priorities for conservation (9.6–9.8) we saw the need to estimate the amount of such value. Such estimate must be in quantity of stated units. Where the units are in terms of money, the common measuring rod in an exchange economy, the estimating is called valuation.

How far this can be achieved for heritage quality is the subject of this chapter.

What is value?

Since the valuation is an estimate of the amount of value we need to first comprehend that elusive concept, value. Following is a summary from contemporary neo-classical value theory.