A daily number is only as good as the evidence behind it. This is the methodology being designed, and the places where it is deliberately uncertain.
An indicative net asset value is an estimate of what a portfolio is worth. For listed equities this is close to trivial, because the constituents trade continuously and the last price is observable. For collectibles it is genuinely hard, because most assets do not trade on most days, and the ones that do trade may not be the ones you hold.
Starting from observed transactions
The strongest input is a verified sale of the identical asset: same subject, same issue, same grade, recently, at a venue whose results are public. Where that exists, little inference is required. Where it does not, the estimate has to be built from comparables, and every step away from an identical match widens the uncertainty.
- —Verified sales of the same asset, weighted most heavily and decayed as they age.
- —Comparable sales, matched on subject, issue, grade and certified population.
- —Grade adjustment, which can be severe near the top of the scale where a single step changes value substantially.
- —Population adjustment, reflecting how many certified examples exist at and around the relevant grade.
- —Market depth, measured by how many independent venues and participants are currently transacting.
- —A liquidity adjustment reflecting how readily the asset could actually be sold.
Publishing the uncertainty, not hiding it
The design intention is to publish a confidence level alongside every estimate. An asset with frequent verified sales across multiple venues supports a high-confidence estimate. An extremely rare asset that last changed hands three years ago does not, and presenting both with the same visual authority would be misleading.
An indicative valuation is an estimate of value. It is not a price at which anyone is obliged to transact.
This distinction is the reason the site separates indicative NAV, secondary market price and estimated liquidation value. They answer three different questions: what is the portfolio worth, what would someone pay today, and what would an accelerated sale realise. Conflating them is the most common way collectible investing is oversold.