After being informed there was sometimes difficulty in valuing assets such as statues, Ms McMahon said: “I explored it in comparison to pieces of work that had been purchased in the States and you were talking in millions.
“You’re not talking any less than that.
“A piece of his concrete that was about one foot square sold for £100,000 in an auction, so quite valuable.”
The auditors’ report said the authority’s land and buildings were revalued over a five-year cycle, with the pier subject to a full revaluation since the last report, said the Local Democracy Reporting Service.
Last year, the council committed more than £6m to prevent the pier falling into the sea.