What is the test for determining fair market value in a theft case?
California, United States of America
The following excerpt is from People v. White, G058564 (Cal. App. 2021):
Penal Code section 484, subdivision (a) requires the trier of fact to determine the value of property obtained by theft based on the property's "reasonable and fair market value."2 Fair market value "'means the highest price obtainable in the market place. . . . ' [Citation.] Further, in a retail context, absent proof 'that the price charged by a retail store from which merchandise is stolen does not accurately reflect the value of the merchandise in the retail market, that price is sufficient to establish the value of the merchandise within the meaning of sections 484 and 487.'" (People v. Seals (2017)
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