In order to promptly receive answers to today's urgent questions regarding the conduct of valuation and the development of valuation activities in Ukraine, The Pan-Ukrainian Association of Valuation Specialists (PUAVS) launched an online discussion club of PUAVS – «Discourse PUAVS». This time, the online meeting of appraisers will be held to familiarize themselves with the published provisions of the Draft Law of Ukraine «On Property Valuation» and the consequences that will arise after the adoption of this Law.
The article explores the phenomenon of Van Gogh not only as a brilliant artist but also as a powerful cultural brand. The authors show how his name has become synonymous with artistic value, illustrated by record-breaking sales of his works. The focus is on the ten most expensive Van Gogh paintings, including «Orchard with Cypresses», «Portrait of Dr. Gachet», «Irises», and others. The article examines the history behind these masterpieces, their journey through private collections, and details of major auctions. It also touches on the tragic aspects of Van Gogh’s life, which—paradoxically—have only increased the commercial success of his art on the global market. The article highlights that the most renowned paintings were created during the last years of his life, a period marked by psychological struggles but also by his greatest artistic achievements.
For the attention of appraisers! Clarification on the entry into force of the ORDER of the State Property Fund of Ukraine dated 05/26/2025 № 765 «Some issues in the field of professional appraisal activities», despite the fact that it has state registration with the Ministry of Justice of Ukraine under № 896/44302 dated June 10, 2025.
For the attention of appraisers! Finally, the long-awaited transition to new directions is becoming a reality. On June 10, 2025, the ORDER of the State Property Fund of Ukraine dated 05/26/2025 No. 765 «Some issues in the field of professional appraisal activities» was registered in the Ministry of Justice of Ukraine. The full text of the ORDER of SPFU is attached.
The article examines the stages (phases) of the development of the real estate market of Ukraine (using the example of the million-person city of Kharkiv) in the context of changes in price indicators for the period from 1993 to 2021 inclusive. An analysis of changes in price indicators in such market segments as residential real estate (apartments in apartment buildings); office real estate; commercial real estate; industrial and warehouse real estate was performed. The depth of price changes and the duration of the growth and decline phases in the market were studied. The geometric moving average for 5, 10, 15 and 20 years of retrospective price changes was studied, in fact for a 24-year period. Historical price volatility was studied in terms of market segments that have formed in Ukraine. The results of a retrospective study of market price indicators can serve as the basis for their forecasting.
The value of artworks is formed mainly through auction sales, which set the upper limit of the market price. However, art is also sold in galleries, at fairs and privately, and in each case it is important to accurately determine its price. This is especially true for painting - the most common category of cultural values and an attractive investment object. Unlike real estate or technology, art is not valued according to classical economic principles (utility, substitution, most efficient use), but is based on irrational factors: the name of the author, provenance, previous sales, exhibition in museums, etc.
The article discusses the popularity and high prices of the works of Amedeo Modigliani, an Italian artist with a recognizable style. The authors analyze how a tragic biography, a lack of reliable documentation, and frequent forgeries have made his art an object of interest for collectors, experts, and forgers. The most popular genres of his work and factors affecting the price of paintings are also considered.
Following the publication of IVSC Statement «Prudential Property Valuation: Our Efforts to Ensure Transparency and Consistency» in July 2023, and as a result of extensive discussion and engagement with key stakeholders, IVSC published a new statement on the provision of property valuation for secured lending within EU on its website on 28 April 2025. Continuing the discussion of the challenges of quantifying prudential value, we provide a Ukrainian translation of this latest IVSC statement.
This article explores the life and artistic journey of Yayoi Kusama — the world-renowned Japanese artist and queen of pop art. Her work, known for its vibrant colors, repeating patterns, and mirrored installations, has become an iconic symbol of contemporary culture. The authors recount her childhood traumas, struggles with mental illness, path to recognition, and the immense success she achieved later in life. Yayoi Kusama transformed her personal pain into art that has captivated millions around the globe.
Dear colleagues! The State Property Fund of Ukraine, the International Institute of Business, and the Ukrainian Society of Appraisers have the honor to invite you to the scientific and practical conference «Appraisal Activities in Ukraine: Origins, Present, and Future Prospects», dedicated to the 30th anniversary of the awarding of the first certificates to appraisers in independent Ukraine.
Dear colleagues! Your attention is offered to the publication of Dr. Tech. of Sciences, by Professor Valery Yakubovskyi in co-authorship with Kateryna Zhuk, in which the importance of taking into account the time horizon factor in determining the prudential and maximum level of the value of property provided as collateral is considered. The authors propose a stochastic approach to assessing the extremes of asset value based on the Samuelson model. The results of the study make it possible to substantiate the correction coefficients for the market value of property, taking into account market volatility and the confidence level. The methodology has been tested on examples of the real estate markets of Ukraine and the United Kingdom.
During the discussion of the draft law «On the valuation of property, property rights and professional valuation activities in Ukraine», the main issue is the choice of mandatory valuation standards. The majority of the Working Group members believe that the International Valuation Standards, which are recognized in 137 countries, should be applied, while another group proposes European standards, which are recognized only by individual associations. International standards are mandatory for RICS members and are used for valuation in accordance with international financial standards.
In the article, the authors analyze the legal and procedural aspects of the export and import of cultural values across the customs border of Ukraine. The definition of cultural values in accordance with current legislation, the features of their classification and restrictions applied to their movement are considered. The process of obtaining permits, conducting state expertise and customs clearance is described in detail. Special attention is paid to the prohibition of the export of objects of national cultural heritage and criminal liability for smuggling such items. The issue of customs regulation of the import of cultural values is also highlighted, including tax aspects. This article will be useful for owners of cultural values, customs authorities, lawyers and everyone interested in the preservation of national heritage.
In order to promptly receive answers to today's urgent questions regarding the conduct of valuation and the development of valuation activities in Ukraine, The Pan-Ukrainian Association of Valuation Specialists (PUAVS) launched an online discussion club of the PUAVS – «Discourse PUAVS». This time, the online meeting of appraisers will be held to the published provisions of the draft Law of Ukraine «On valuation of property, property rights and professional valuation activities in Ukraine» and regulatory acts regulating the practical activities of appraisers in the context of changes in the legislation on valuation, and will also discuss the issue of loss assessment.
The draft law proposes to introduce International (IVS) or European (EVS) valuation standards in Ukraine. IVS are widely used in the world, have the support of international financial organizations and ensure transparency of valuation. EVS are criticized for their limited content, duplication of IVS and non-mandatory nature even in EU countries EVS do not contain important standards, such as valuation of intangible assets, financial instruments and liquidation value, which makes them less suitable for use. In EU countries, EVS are not mandatory, while IVS is a recognized international valuation standard. The law is aimed at increasing transparency and trust in property valuation, which will contribute to attracting investment and developing the financial market of Ukraine.
In the discounted cash flow method, terminal value is a key quantity that significantly affects the valuation of an asset. It is defined as the future value of the object at the end of the forecast period, added to the discounted income. The most common method for calculating terminal value is the Gordon formula, which assumes an infinite stream of income with a constant growth rate. However, this approach has economic disadvantages, since real assets have a limited lifespan and discount rates change over time. International Valuation Standards (IVS 103) recommend using different approaches for different types of assets.
Dear colleagues! The School of National Professional Qualifications continues a series of seminars on the occasion of the 30th anniversary of the awarding of the first certificates to appraisers of property and property rights of independent Ukraine. We invite you to participate in the next seminar in the series on the topic: «Actual issues of insurance company evaluation», which is held with the support of «Pan-Ukrainian Association of Valuation Specialists» (PUAVS).
The Basel Committee of the Bank for International Settlements proposed in 2017 «prudential value» concept for valuing real estate as collateral, which excludes expectations of price increases and takes into account long-term stability of value. Although these recommendations are not binding, EU and UK are considering them for implementation in financial regulation. The new concept differs from market value and mortgage lending value as it takes into account potential price fluctuations over the life of the loan. It aims to strengthen financial stability and prevent excessive lending. Regulators recognize the need to adjust market value to take into account long-term changes, which is reflected in the updated EU prudential requirements. Based on these ideas, an analytical model was developed to estimate «marginal» and «prudential» limits of real estate value, taking into account time changes and market trends.
Depreciation of machinery and equipment is associated with the loss of their value during operation due to the influence of various factors, such as aging, natural wear, reduced efficiency of use, as well as changes in the ratio of demand and supply. The reasons for such depreciation can relate to both the object itself (for example, its physical wear) and the external environment. This may be the emergence of more modern and competitive analogues, the introduction of new technologies or changes in the production processes to which the object belongs. In addition, depreciation can be caused by external factors, such as changes in legislation or requirements for the operation of equipment. The main types of depreciation of equipment are considered to be physical wear, functional obsolescence and economic obsolescence.
The past year was marked by a decline in the most expensive segment of art objects on the art market. Even November, a wonderful month when the largest auction houses traditionally see the highest results, did not live up to expectations: sales at the landmark autumn auctions of the three leaders – Sotheby’s, Christie’s and Philips – were 40 % lower than the previous year’s figures. Instead, the segment of inexpensive works of art worth up to $10,000 showed growth. However, at global auctions, as usual, a total of several hundred lots reached seven- and sometimes even eight-figure sums, and one even managed to surpass the $100 million mark. As for the art itself, which interested collectors, there was a noticeable increase in interest in surrealism – an unusual, original and, perhaps, in some ways, even dangerous style, because the impetus for its development was given by various occult beliefs and magical practices, which were practiced by some representatives of this trend.
In order to promptly receive answers to today's urgent questions regarding the conduct of valuation and the development of valuation activities in Ukraine, The Pan-Ukrainian Association of Valuation Specialists (PUAVS) launched an online discussion club of the PUAVS – «Discourse PUAVS». This time, the online meeting of appraisers will be held to familiarize themselves with the published draft regulations concerning the practical activities of appraisers in the light of the amendments to the valuation legislation, as well as to discuss the draft Law of Ukraine «On valuation of property, property rights and professional valuation activities in Ukraine».
RICS Professional Standards apply globally. If any of the requirements contained in this document conflict with the national legal requirements of the country or region in which the RICS member is practising, the national legal requirements prevail and shall apply. This new edition comes into force from 31 January 2025 and applies to all valuations for which the valuation date is on or after that date. Any changes that come into force after that date will be clearly identified.
Dear colleagues! In connection with the transition to the new edition of the International Valuation Standards from January 31, 2025, Pan-Ukrainian Association of Valuation Specialists and Ukrainian Society of Appraisers are launching exclusive online seminars to improve the professionalism of appraisers under the «International Valuation Standards» program, which will be held though online meeting on the ZOOM platform on January 23, 2025, February 6, 2025 and February 20, 2025 from 10:00 to 14:00.
From January 31, 2025, the International Valuation Standards Council (IVSC) is implementing the International Valuation Standards IVS-2025 for use. As stated in the preamble to the standards: «The adoption or use of any standards of the International Valuation Standards Council by any entity is entirely voluntary and is at its own risk. The International Valuation Standards Council does not control or apply these standards or how they are applied by an entity, and does not and cannot ensure or require compliance with these standards. The International Valuation Standards Council does not audit, monitor, review or control in any way how users use these standards».
Although most real estate valuation work is performed by appraisers objectively, impartially, and ethically, sometimes self-interest and personal interest in the final result conflict with the ethical principles that should guide appraisers. Therefore, appraisers must constantly identify ethical issues and improve the ethical principles of the profession. Regardless of their education or commitment to high professional standards, some appraisers still prepare poor-quality reports to satisfy their own interests or the interests of the client, or prepare poor-quality reports due to insufficient knowledge, errors made, or incorrect use of source data.
The beginning of 2025 marks a new stage in the development of International Valuation Standards, which are regularly updated by the International Valuation Standards Council (IVSC) every 2-3 years. Officially published for preliminary review on January 31, 2024, these updated standards come into effect on January 31, 2025 and replace the previous edition of 2022.
On the eve of the New Year, Nick Talbot summed up the year 2024. He outlined the plans for 2025. Expressed his deep gratitude to the sponsors whose support ensures that IVSC can continue to fulfill its public interest-oriented mandate. And he wished everyone a successful and fruitful year.
The Presidium of the Pan-Ukrainian Association of Valuation Specialists congratulates the members of the PUAVS and all other appraisers of Ukraine on the upcoming New Year holidays! May the coming year be a year of positive changes, creative ideas and the realization of the most cherished dreams. We wish you to boldly realize your plans, reach new heights and feel satisfaction from your work. May life please you with unexpected opportunities and reasons for happiness.
The Uniform Standards of Professional Appraisal Practice (USPAP) serve as the guiding principles for appraisal practice in the United States, ensuring consistency, reliability, and trust in appraisal services. The USPAP standards are developed and maintained by The Appraisal Standards Board (ASB) of The Appraisal Foundation (TAF).
The
For the fifth year in a row, Kyiv has been celebrating the best examples of cooperation between the authorities and the community, thanking those who contribute to the improvement of the city. On December 9, the capital hosted an award ceremony for the winners of «TOP 100» 2024 competition, which summarizes the most successful partnership cases. Almost 450 organizations took part in this year's selection. The competition commission, which included representatives of the city council, Kyiv City State Administration, and the public sector, selected the 100 best, the list of which included the public organization «Pan-Ukrainian Association of Valuation Specialists».
This story is dedicated to the British artist Damien Hirst, who in the 1990s gained fame thanks to his formaldehyde masterpieces – art objects in the form of aquariums with animals preserved in a formaldehyde solution. The word «masterpiece» is used ironically, although everyone can perceive it to their own taste. Something similar, only without fancy names and additional decor, can be seen in natural history museums, but ordinary museums do not have such queues as can be observed at Hirst exhibitions. Brand and marketing do their job. What is interesting about these formaldehyde objects? For us, they are interesting because they are a vivid example of the great role that the imaginary symbolic value of art plays in the art market. Who really needs to buy a stuffed animal for several million dollars? Only the belief in its high value can force many collectors to take this step, which in itself seems absurd. It is unlikely that anyone needs a scarecrow worth several million dollars if it does not have an ephemeral halo of high status and prestige, created thanks to the artist's famous brand and the approval of this product by the art world – famous art dealers, museum curators, collectors who are considered authorities and broadcast their tastes to others.
In order to promptly receive answers to today's urgent questions regarding the conduct of valuation and the development of valuation activities in Ukraine, The Pan-Ukrainian Association of Valuation Specialists (PUAVS) launched an online discussion club of the PUAVS – «Discourse PUAVS». This time, the online meeting of appraisers will be held to discuss practical aspects of applying changes to the legislation related to the adoption of the Law of Ukraine «On Administrative Procedure», in particular, in the part related to risks and uncertainty settlement.
Attention appraisers! On December 10, a seminar will be held at the IIB (International Institute of Business), where PUAVS (Pan-Ukrainian Association of Valuation Specialists) members Leonid Dolinsky and Olena Riznyk will be the speakers. The seminar will discuss issues related to determining the value of securities in appraisal practice and more (see the seminar program).
In
On November 15, 2024, the Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine in Connection with the Adoption of the Law of Ukraine «On Administrative Procedure», which amends the Law of Ukraine «On Valuation of Property, Property Rights and Professional Appraisal Activities in Ukraine», entered into force. This new Law provides for the transition of appraisers to new areas of appraisal by appraisers, the procedure for obtaining qualification certificates of appraisers and certificates of appraisal entities by business entities, the replacement of the Examination Commission with the Qualification and Disciplinary Commission, and more.
Richard III in Shakespeare’s play of the same name exclaimed the famous phrase: «A whole kingdom for a horse!» Such a barter exchange of a horse for a cat is, of course, a poetic exaggeration, but in the modern art market a phrase like «A penthouse for a cat!» would not sound so fantastic, since there are many examples of works of art whose main characters are representatives of the feline family, which (the works) are sometimes not inferior in value to quite decent apartments. These are bronze cats from ancient Egypt, and fluffy creatures from the brush of old masters and artists of the 19th century, and elegant, slimming cats by Alberto Giacometti or modern KITsch by Jeff Koons.
In order to promptly receive answers to today's urgent questions regarding the conduct of valuation and the development of valuation activities in Ukraine, The Pan-Ukrainian Association of Valuation Specialists (PUAVS) launched an online discussion club of the PUAVS – «Discourse PUAVS». This time, the online meeting of appraisers will be held to discuss practical aspects of applying changes to the legislation related to the adoption of the Law of Ukraine «On Administrative Procedure», in particular, in the part related to obtaining the right to carry out valuation activities.
Maurizio Cattelan, who turned from a former cook, gardener and morgue employee into a «star» artist. A person without an art education, an avid idler in the late 80s becomes popular in Italy, a few years later he participates in the Venice Biennale, he is known all over the world, and in the mid-2010s his works already set million records at auctions. It is worth noting that both as a worker and as an artist, Cattelan is very lazy. This is what his «artistic manner» consists of.
On September 6-7, 2024, the 11th Congress of the World Association of Valuation Organizations (WAVO) was held in Bucharest. President Inna Serdyukova and First Vice-President Professor Valeriy Yakubovskyi, also, Professor Kostyantyn Serdyukov, participated in the Congress from the public organization «Pan-Ukrainian Association of Valuation Specialists» (PUAVS), which is a member of WAVO. Scientific reports on the theme of the Congress were made at the scientific sessions. Also, on the eve of the Congress, the Executive Committee of WAVO held a meeting at which a new composition of members was elected for the period from 2024 to 2026.
Dear colleagues! International Institute of Business (International Centre for Privatization, Investment and Management, ICPIM) invites you to participate in the work of the author's seminar of Stepan Maksymov and Tymofii Keilin: «Prudential value: concept and methods of determination». The event is aimed at independent appraisers, bank appraisers who want to be ready for the challenges of the times, the changes that await them in their work on collateral appraisal.
On August 28, 2024, the Reporting and Election Meetings of the public organization «Pan-Ukrainian Association of Valuation Specialists» was held, at which PUAVS governing bodies was elected for a term of five years, and the updated members of the PUAVS Presidium, Council, and Audit Commission was approved. Inna Vasylivna Serdyukova was elected president of the PUAVS for the next five years.
The risk-free rate is a component of the equity rate in the САРМ model, which, in turn, is a component of the weighted average cost of capital in the WACC model, which means that this rate is important in determining the profitability of investments. Different countries and economic zones use different bonds to establish the risk-free rate.
Dear colleagues! The Ukrainian Commercial School invites you to participate in the online seminar-workshop: THE PRACTICE OF ASSESSING THE LOST PROFIT AND NEEDS FOR THE RESTORATION OF PROPERTY DUE TO THE DESTRUCTION, DAMAGE AND LOSS OF PROPERTY IN CONNECTION WITH THE ARMED AGGRESSION OF rf, which will be held through an online meeting on the ZOOM platform on August 14, 2024 from 10:00 to 14:00. Speaker of the seminar: Stepan Maksymov, professor, president of PUAVS.
The national standard, legislation and other normative legal documents related to cost estimation do not define specific requirements for conducting a review. Inspection of the object of evaluation can be carried out both directly by the evaluator or his representative visually, and with the help of technical means of observation from a distance. These can be images obtained as a result of video recording, using aircraft, satellites or other tools for working with satellite data.
From June 2023, secured overnight financing rates (SOFR) began to be used instead of LIBOR rates. The creation of SOFR is based on real market transactions and marks a significant evolution of financial rates. The world's major central banks have switched from using LIBOR to SOFR.
On August 28, 2024 at 10:00 a.m. the reporting and election meeting of the public organization «Pan-Ukrainian Association of Valuation Specialists» will be held on the basis of the ZOOM online platform.
Dear colleagues! International Institute of Business (International Centre for Privatization, Investment and Management, ICPIM) invites you to participate in the work of the round table «Actual issues of improvement of the assessment practice for financial institutions: assessment of the provision of active operations and own property». Representatives of the National Bank of Ukraine, the State Property Fund of Ukraine, the National Securities and Stock Market Commission, representatives of other state regulatory bodies, public andp rofessional organizations, experienced appraisers, and scientists are invited to participate in the round table.
Indian-British artist Anish
Dear colleagues! Ukrainian Commercial School invites you to participate in the online seminar-workshop: PRACTICE OF DAMAGE ASSESSMENT OF THE CONSEQUENCES OF DESTRUCTION, DAMAGE AND LOSS OF PROPERTY IN CONNECTION WITH ARMED AGGRESSION of the russian federation, which will be held through an online meeting on the ZOOM platform on June 18, 2024 from 10.00 to 14.00. Speaker of the seminar: Stepan Maksymov, professor, president of PUAVS.
The name of Ivan Marchuk is so well-known in Ukraine that it seems impossible to tell something new about the work of the outstanding artist. Ivan Marchuk is well known not only in our country, but also abroad. Let's look at the work of a famous Ukrainian artist from a pragmatic point of view inherent in the modern art market: how much is it worth. And we will also draw parallels with the works of another world-famous innovative artist, Vincent Van Gogh, with whom Ivan Marchuk is sometimes compared.