Answer:
Yes definitely! And it is often the case that book value is lower than market value. Because financial statements are recorded under regulations, the accountants method of recording assets and liability take a conservative approach that differs form a finance point of view. That is accountants take the historical cost method to recording values of asset (book value), so if you were to purchase land in 1911 for say 100$ and assuming the business has been up and running for the past 100 years, the book value of the land will be kept at 100$. The book value will not change. However, over time, the value of the land has increased substantially, that is the market price of the land is much higher than the book value. Therefore, it is very much possible that the book value of something is lower than its market value, because accountants do not include/recognize gains until the asset is sold.