Value is not a permanent fact hidden inside a tile. It is a conclusion made for a purpose, on a date, in a relevant market, from evidence about the particular set.
Start with the purpose
Selling, insuring, dividing an estate, donating, and satisfying curiosity are different assignments. Fair market value and replacement cost are not interchangeable. If the answer will be used for tax, insurance, estate, or legal purposes, hire a qualified appraiser and state the intended use.
Describe the object before the price
A useful value file includes:
- literal tile and accessory count;
- materials, construction, dimensions, and weight, with uncertainty marked;
- maker or retailer marks and supporting evidence;
- case, racks, papers, and associated ephemera;
- condition, repairs, replacements, and active deterioration;
- provenance with gaps identified;
- clear overall and detail photographs.
Age alone does not establish desirability. A rare attribution unsupported by evidence should not drive the conclusion.
Use sold evidence in the relevant market
An asking price shows what a seller hopes to receive. It does not show that a buyer agreed. Look for completed sales of genuinely comparable objects in the market where this type of set is normally exchanged.
Compare material, maker, date range, design, completeness, condition, accessories, provenance, and sale timing. If the closest comparison is materially different, explain why and how the difference affects its usefulness. Do not average unlike sets merely because they all say “vintage mahjong.”
Condition is not one word
Record chips, cracks, missing paint, separated laminations, replacements, warping, case damage, odors, stickiness, previous repairs, and whether deterioration appears active. “Good for age” is not specific enough. Condition can affect both desirability and the cost or risk of preservation.
Hold several kinds of value at once
A modest market conclusion does not reduce family significance, design interest, research value, or usefulness for play. Write these separately. This prevents a disappointing auction comparison from becoming a verdict on the set—or on the person who saved it.
A defensible value brief
End with the valuation purpose and date, object description, limiting assumptions, sources, several relevant completed sales, differences between them and your set, and a reasoned range. Save screenshots or citations because listings disappear.
If the evidence does not support a confident figure, “insufficient comparable data” is a better conclusion than false precision.