Published: 18/06/2024

Understanding Splint Invest’s Asset Valuation Process

The Importance of Accurate Comparisons 

Before diving into individual asset categories, it's important to understand the necessity of accurate comparisons. Comparing assets that aren't truly similar can lead to misleading valuations. For instance, using the price of low-mileage cars to value high-mileage cars can result in overvaluation. This principle of accurate, applicable comparisons is fundamental to Splint Invest's valuation approach. 

Top of Each Category (28)

And now let's dive into the different categories: 

Wine Investments 

Valuing wine investments necessitates a careful consideration of several factors unique to each bottle or portfolio. Typically, Splint Invest relies on prices from secondary markets such as the Liv-Ex fine wine exchange. Key considerations include: 

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  • Vintage Specifics: A critical factor influencing wine value, with even slight differences in vintage potentially leading to significant price variations due to varying grape quality. 

  • Bottle Size: Non-linear price relationships exist between different bottle sizes, impacting valuation assessments. 

  • Condition and Completeness: The presence of original packaging (e.g., boxes) and bottle condition directly affect asset value, with potential discounts applied for missing or damaged elements. 

Calculation Approach: The value of a wine portfolio is calculated as a weighted sum of individual bottle valuations, leveraging the proprietary Splint valuation model. For instance, if an asset originally valued at €10,000 increases to €12,500, reflecting a 25% return, this adjustment directly influences asset and investment unit prices. 

Whisky Casks 

Whisky casks have a near-linear price development, making their valuation simpler. Splint Invest uses a proprietary model that assumes linear growth over the investment horizon, complemented by half-yearly re-valuations of the experts based on traded casks. 

Example Calculation: 

If a whisky cask purchased for €10,000 has an estimated multiple on invested capital (MOIC) of 2.5, the yearly return and quarterly return are factored into the valuation. If supplier estimates also suggest a value increase, the final valuation combines these inputs. 

Whisky Bottles 

Valuing whisky bottles involves averaging resale prices from secondary markets, factoring in vintage specifics and asset completeness (e.g., including original packaging). Key considerations include: 

  • Vintage Significance: Similar to wine, vintage year significantly impacts whisky bottle valuations. 

  • Asset Completeness: Discounts applied if bottles lack essential accessories (e.g., boxes, papers) or exhibit significant wear. 

Calculation Approach: The valuation formula incorporates a weighted average of resale prices and market indices (RareWhisky101 Apex 1000, or Icon100), balancing asset specifics and broader market trends.  

If the reference price of a whisky bottle is €12,500 that was originally purchased for €10,000, and indices A and B have changes of +10% and -5% respectively, the valuation model calculates:  

Return = 0.8×0.25 + 0.1×0.1 0.05×0.05 = 0.205  

Thus, the new asset value is = 10,000×1.205 = 12,050. 


For watch investments, Splint assesses resale values by considering factors like brand reputation, asset condition, and completeness (including papers and boxes). Key considerations include: 

  • Asset Condition: Assessing wear and tear impacts on valuation, with significant discounts applied for poor condition or missing accessories. 

  • Market Premiums: Considering selling margins for private versus dealer sales, influencing asset valuation adjustments. 

Calculation Approach: The valuation model typically uses the secondary market transaction prices weighted by asset condition and completeness factors, ensuring accurate reflection of market realities. 

If a watch bought for €10,000 is traded at €12,500 with all complete box & paper and mint condition, the new asset value is = 10,000×1.25 = 12,500. 

Art – Developed Artists 

Valuing artworks from established artists involves a comparative sales approach, analysing recent auction results and gallery prices. Key considerations include: 

  • Comparable Sales Analysis: Reviewing auction results and gallery prices to estimate fair market value. 

  • Artist Reputation and Demand: Significant influencers of artwork values, reflecting both current market trends and historical significance. 

Calculation Approach: Fair Market Value is determined based on a weighted average of comparable sales, adjusted for specific artwork conditions and artist reputation. 

For an Andy Warhol print with comparable sales of €50,000, €55,000, and €52,000, the average sale price is = (50,000 + 55,000 + 52,000) / 3 = 52,333 

With a weight factor of 1.05 as the example might show one of the most beloved motif, the fair market value is = 1.05×52,333 =54,950 

Art – Emerging Artists 

For emerging artists, valuation relies on gallery price developments and, if available, auction results. Key considerations include: 

  • Gallery Price Development: Tracking price trends for emerging artists without auction histories. 

  • Comparable Sales Analysis: Where possible, using auction results to substantiate valuation estimates. 

Calculation Approach: Similar to developed artists, using a comparative sales approach weighted by artwork specifics and market developments. 

For an emerging artist with auction sales of €11,500 and €12,500, the average price is = (11,500 + 12,500) / 2 = 12,000 

With a weight factor of 1.10 as the example might show one of the most beloved motifs, the fair market value is = 1.10 × 12,000 = 13,200 

Sports Memorabilia 

Valuing sports memorabilia considers the signed item, the signer’s popularity, condition, rarity, trends, and authentication. 

Calculation Approach: For a Michael Jordan autographed jersey with sales of €31,000, €33,000, and €34,000, the average price is = (31,000+33,000+34,000) / 3 = 32,667 

With a weight factor of 1.05 as the memorabilia might have been worn in an important game, the fair market value is = 1.05 × 32,667 = 34,300 

Sneakers and Handbags 

The valuation of collectable sneakers and handbags depends on rarity, condition, demand, resale market data, and trends. 

Calculation Approach: For collectible sneakers with sales of €33,000, €35,000, and €37,000, the average price is = (33,000+35,000+37,000) / 3=35,000 

With a weight factor of 1.00 as the sneaker has no significant added value compared to the sales points, the fair market value is =1.00 × 35,000 = 36,750 

Luxury Cars 

Valuing collectable cars involves assessing make, model, mileage, condition, servicing history, and market data. 

Calculation Approach: For a rare convertible model with an average market price of €120,000 and a weight factor of 1.1 as the car might have a superb low mileage, the fair market value is = 1.1 × 120,000 = 132,000 


Valuing diamonds requires analysing the four Cs (carat, color, clarity, and cut), along with market trends and certification reports. 

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Market comparisons play a crucial role in determining a diamond's value. Freiherr Diamonds Index, which tracks price movements specifically for 1 to 2-carat diamonds, provides a benchmark for assessing market appreciation and current values. Purchase Price Adjustments: The initial purchase price of the diamond is adjusted based on the performance of the Freiherr Diamonds Index. 

Calculation Approach: For example, suppose we have the following data for a 1.5-carat diamond: Purchase price: €15,000 Freiherr Diamonds Index shows a 5% increase since the release of the investment opportunity. Thus, based on the market trend and the specific characteristics of the diamond, the estimated Fair Market Value of the diamond would be approximately €15,750. 


LEGO sets are valued based on condition, production volume, and time since discontinuation. As a price source, the current lowest market prices excluding VAT are used to perform the valuation. 

Calculation Approach: For 100 LEGO sets with a recent sales average of €10,000 and a current lowest market price of 110 (excl. VAT) the market value = 110 x 100 = 11,000 

Splint Invest’s meticulous and data-driven approach to asset valuation ensures that investors have a clear, realistic understanding of their investments’ worth. By considering various factors specific to each asset category and using conservative estimates, Splint Invest provides reliable monthly valuations that reflect true market conditions. 

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