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If the DataGridViewCell.ValueType property for the cell has not been set, the DataGridViewColumn.ValueType property for the owning column is used, if it exists.
The DataGridViewCell.Value property is the actual data object contained by the cell, whereas the DataGridViewCell.FormattedValue property is the formatted representation of the data. The DataGridViewCell.ValueType and DataGridViewCell.FormattedValueType properties correspond to the data types of these values, respectively.