It's not a valuation though is it? It's what Liverpool themselves put forward in an actual auction, to get the deal done. That means it's what they valued the asset at, not Brighton. If Chelsea hadn't tried it on, he'd have been sold for less literally months ago.
It’s a valuation as they’ve paid them for it. More likely the valuation of the deal to get the player it will regardless fall onto Caicedo as a £110m signing in any reference to performance. Similar to the Maguire rhetoric of many years here.
Plus when they come to sell the £110m valuation will be referenced for whatever they get back in transfer fees.
Great quote from Klopp back when we signed Pogba: