Reasoning beyond accounting: here is the first step for a valuation of cultural heritage

Angelo Argento recently published an article examining the valuation of cultural heritage in light of ongoing public accounting reforms in Italy. The piece moves beyond iconic landmarks like the Colosseum or Uffizi to focus on smaller, territorial assets such as archives, civic museums, and lesser-known archaeological sites, questioning how and whether a specific economic value can be assigned to them. It explores different international approaches—from market-based valuations in Australia and France to symbolic €1 entries in the U.S.—highlighting the global trend toward quantifying cultural heritage.

This discussion matters because it touches on a fundamental tension: cultural heritage is traditionally considered priceless, yet modern public accounting systems increasingly demand its economic valuation. The article argues that assigning value is not merely a technical accounting exercise but a political and social act that reflects a country's vision of its own heritage. By comparing diverse international methods, it reveals the difficulty of balancing economic logic with cultural significance, making the case that heritage valuation ultimately shapes how societies prioritize preservation, funding, and civic identity.