In January 2005, the International Valuation Standards Committee (IVSC) published the International Valuation Guidance Note No. 8 entitled The Cost Approach for Financial Reporting - (DRC). This guidance note provides background to the use of Depreciated Replacement Cost (DRC) in connection with International Valuation Application 1 (IVA 1), Valuation for Financial Reporting and suggests that the valuer reports the result of a DRC valuation as Market Value subject to the test of adequate profitability or service potential. This suggestion has caused a lot of debate and consternation in the UK where the DRC approach has always been considered as a method of last resort and not a Market Valuation. However, in continental Europe the cost approach (DRC) is often the principal method of valuation and has always been considered to produce Market Value. In this paper, we discuss the concept of Market Value and its relationship to DRC in an attempt to identify the principal areas of concern in the UK and, through the use of Italian and UK case studies, show how the DRC approach can be adopted as an appropriate method or basis for calculating Market Value.