This study investigates how Australian asset revaluations are associated with share prices and non market-based firm value estimates. We find that revalued financial, tangible, and intangible assets can be value-relevant. Although prior research presages the financial assets findings, the intangible assets findings are striking in strength and consistency. Findings for property, plant, and equipment are less consistent. Also, we find stronger value-relevance for plant and equipment than for property, suggesting revalued operating assets are more value-relevant. Perhaps surprisingly, the market does not distinguish director- and independent appraiser-based valuations, consistent with directors’ enhancing value estimates by using their private information countervailing distorting effects associated with management discretion. Also, even several year old revalued amounts are value-relevant, suggesting timeliness is not critical for long-term asset revaluations. Finally, evidence indicates that investors value differently upward and downward revaluations, suggesting the discretionary nature of asset write-ups can affect value-relevance.