Intellectual Property is the legal rights which grant exclusivity to inventors, authors, composers, songwriters, others involved in creative works. In most instances, the original owners of creative artworks grant permission to third parties to market and distribute their works through which the owners receive royalties. Intellectual Property Rights bar others from replicating or producing the creative works of original owners, a violation of which may attract heavy fines. Intellectual Property Rights qualify as intangible assets which can provide economic benefits to the owner which can be recognised and accurately measured. Intangible assets are a class of assets without physical form but can generate significant value to the owners. To estimate the fair market value of an intangible asset with intellectual property rights, business valuators apply techniques under the income, market and asset methods.