In the United States, where forest investment is active, the carbon absorption and sequestration functions of forests have been attracting attention since the 2015 Paris Agreement. As a result, investment in forest management is growing more active, with the aim of achieving a decarbonized society and harmonizing forest business. Looking to Japan, we believe that the unclear and ambiguous standards for forest asset value and the slow development of forest investment infrastructure are making it difficult to secure and expand forest investment in Japanese forests. In the mid-2000s, the view held by major Japanese financial institutions regarding the commercialization of forest trusts was that they did not meet safety standards. The reasons for this were:(1) concerns about securing cash flow from forestry,(2) a lack of experts and institutions that could cooperate, and (3) instability of the physical conditions of the properties and the rights relationships. In addition, we have focused on the following reasons for the lack of significant progress in forest investment in Japan:(1) the forestry industry’s dependence on subsidies, which prevents improvements in profitability;(2) the mismatch between the time axis of the investment period and the time axis of the production period; and (3) the absence of third-party evaluators who can estimate the sale value of forests, including their future value. In this paper, we will focus on real estate auction appraisers, who are third-party evaluators, and, despite the limitations of auctions, we will clarify the issues surrounding the value of forest assets in Japan based on the results of auctioned real estate.