The market sets the figure.

Two prices, in this order

• The supplier’s price - what the reseller, retailer or maker’s boutique reCOVET sources from asks for the piece in its recorded condition.
• The last sold price - where no supplier lists the piece, what the same model last sold for in comparable condition.

Recorded with the box

The figure is recorded with the box the piece appears in, and it stays as published even when the market moves. A new figure only appears in a new version of the box.

The minimum fair market value

Every box states its minimum fair market value before you buy: the lowest fair market value in its assortment. It is a floor and says nothing about which piece you will receive.

What it is not

A fair market value is a recorded market price. It is not an appraisal, an independent valuation or an authentication certificate, nor a promise of resale value or that anyone else will pay that figure. The house does not negotiate it.

Section 8 of the Terms is the definition.