Definition
The price that an asset would sell for on the open market between a willing buyer and a willing seller, with both having reasonable knowledge of relevant facts.
In Panel Profits
The normalized, source-isolated consensus price for an exact comic issue and certified grade, backed by verifiable recorded public auction sales (CGC/GPA, Heritage, ComicConnect).
Comic-market example
A CGC 6.0 Teenage Mutant Ninja Turtles #1 with recent verified auction sales at $4,800, $5,000, and $5,100 establishes an authoritative 6.0 FMV of $5,000.00.
Calculation
FMV[grade] = Volume-Weighted Median of Verified Transaction Observations in Window [T - 90d to T]
Common mistakes
Do not calculate or infer non-9.8 prices from 9.8 benchmarks. If no verified transaction exists, the grade remains 'Unpriced' (—).