The thing is that patent valuation is a black art, it’s not a science. The best approach as you suggest is market based, but for a lot of IP there is no efficie

The thing is that patent valuation is a black art, it’s not a science. The best approach as you suggest is market based, but for a lot of IP there is no efficient market setting prices. How often do we read headlines of $X billion in damages ‘awarded’ as the result of some litigation, only to find out years later that that number was overturned on appeal and it was really much much lower in the end. It’s just an imprecise thing.