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• n  an appraisal that underestimates the value of something

• The winner's rationale for his "sculpture" is specious, precious, unimaginative, and indicates an underevaluation of the intelligence of the art-viewing audience.

Quotes

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• Nicolas Sarkozy in EasyBourse.com
  French producers can gain all the productivity they want...... but they can't compensate for the underevaluation of the Chinese currency,Sarkozy said.
• Julia Gillard in Sydney Morning Herald
  Yesterday Workplace Relations Minister Julia Gillard said the industrial relations system had "a significant role to play in addressing the serious underevaluation of women's work".