So how much do you think they are worth? I tried to approach this old question using fare data:

If we assume that the lowest fares and Avios availability are similarly restricted, then we can use the lowest fares as a basis for a valuation: Comparing the cash cost (ticket price minus the Avios it earns), with the cost of an Avios redemption (the Avios, taxes, fees and surcharges you have to pay). Repeat for all BA destinations, cabins and status levels (due to different earning bonuses) - and the value of one Avios is 0.97 pence.

Redemption cabin has a significant impact on the value achieved, ranging from 0.54p for an Economy redemption to 2.67p for a First redemption. Higher status paradoxically reduces the value of Avios, because of missing out on Avios bonus earnings, meaning an Avios is worth 1.01p for a Blue member, but only 0.92p for a Gold member.

Fully appreciate that some scenarios dramatically change the calculation (Gold Priority Rewards on almost full flights, last minute redemptions) - but no idea how to get data for these scenarios.

Full calculation details: https://speedbird.online/execclub.php?view=avios_value