Valuing Cultural Heritage Beyond Accounting: A Conceptual Framework

Stefano Monti argues that Italy's public accounting reforms require a non-accounting reflection before establishing criteria for valuing cultural heritage. He distinguishes between the inalienable nature of heritage and its measurable economic dynamics, using the analogy of a family farmhouse that remains off-market yet generates costs and revenues. Monti proposes splitting the value of an archaeological site into scientific and non-scientific dimensions, with proxies such as new discoveries, publications, visitor numbers, and community engagement. He cites international examples: Australia uses cost-based and theoretical valuations within the same museum; France assigns market value or expert estimates, with a symbolic 1 euro for unaccounted items; the US also uses symbolic values. The goal is to communicate a shared societal commitment to preserve heritage for future generations, with costs approximated by necessary maintenance interventions. Monti warns against technocratic traps and emphasizes that accounting is a powerful tool whose function must be oriented by prior conceptual clarity.