The Limits of "Fair Market Value"
The issue of compensation and damages plays a prominent role in any legal system. This article explores to what extent the guiding principles of compensation and damages under international law could be of interest for the valuation of claims for expropriated Armenian property in the context of acts and omissions by the Ottoman Empire in 1915 and the years following. It addresses various bases of claims, in particular the legal rules on expropriation. The discussion includes the difference between lawful and unlawful expropriation and underlines the importance of the valuation date. Furthermore, various methods for the valuation of assets are introduced as far as they are relevant for the valuation of expropriated property. Finally, the issue of interest, by which the passing of time is usually compensated, is briefly addressed.