Do you want to display or sell an antique quilt that you made by hand? Do you have one? Before making a decision, let’s find out how much it’s actually worth.
How To Determine The Value Of A Quilt?
The monetary value of a quilt is based on five criteria:
- Historical Interest
When purchasing, various collectors may place a greater emphasis on a particular facet of the quilt rather than another. When it comes to collecting, everything comes down to a question of individual preference in the end.
How To Appraise A Quilt?
Professional quilt appraisers are available and are able to provide appraisal services for quilts. In most cases, they cannot give an accurate valuation without first physically inspecting the quilts.
When appraising a quilt, it is important to be aware that there are five primary values associated with a quilt. These values are as follows:
- The value that a quilt’s owner attaches to a quilt because of the family ties, memories, and personal experiences that are associated with the quilt is known as its sentimental value. This is typically the value that is considered to be of the utmost significance to a collector; however, it is not taken into consideration when determining the item’s monetary value for either resale or insurance purposes.
- The amount that the owner of the quilt ought to insure it for in the event that it is lost, in order to be able to replace it with another quilt of a comparable age, condition, and quality is referred to as the insurance value. In most cases, the cost of replacing a quilt is calculated as the price of another quilt of the same type; however, in certain situations, the replacement price may also include the cost of recreating the quilt using the same materials and the same level of craftsmanship. There are situations in which the insurance value can be higher than the fair market value. Before including quilts as “scheduled property” on personal insurance policies, the majority of insurance providers require that the quilts first be evaluated in writing. If the quilt was purchased, the receipts for it should be kept to establish its value, and subsequent appraisals will be required to determine whether or not its value has increased over time. Insurance claims adjustors do not take into account the sentimental value of a lost item when calculating the total amount of a loss.
- The amount that a willing buyer is willing to pay a willing seller for this quilt within a reasonable amount of time and within a reasonable geographic area is known as the quilt’s fair market value. The recent sales prices of quilts in the local marketplace that are comparable in age, quality, and condition are used to determine the fair market value of the quilts. The cost of replacement or the sentimental value of the quilt are not taken into consideration in this analysis. In addition, it does not take into account any exceptional marketing circumstances, such as the prices that the quilt might be able to command at an international quilt show with thousands of potential buyers in attendance. The Internal Revenue Service applies the legal definition of “fair market value” when deciding whether or not to allow a tax deduction for contributions made to qualified non-profit organizations and when determining the value of an estate. The values that accurately reflect the fair market can shift in response to shifts in geographical location as well as shifts in the trends that currently dominate the market.
- The retail value of a quilt is the price at which a dealer is willing to sell it. Depending on the marketing strategy (an online sale, an auction sale, a quilt show, the location of the shop, etc.), the price may be slightly higher or slightly lower than the item’s true value in the market. Prices at retail establishments are typically higher in major metropolitan areas due to the higher cost of overhead, and the prices at auctions can be skewed if members of the same family or group of friends are participating in the bidding using sentimental value as a guide.
- The term “Wholesale Value” refers to the price that a seasoned merchant would pay for the quilt. In most cases, you can anticipate this to be somewhere around fifty percent of the item’s retail value. If the dealer is located in a high cost area (such as New York City, Los Angeles, or a resort) where the cost of doing business is higher, then in some instances it will be lower.
Online Quilt Appraisal
Appraisal has expanded into new territory with the advent of the internet, and one of those new directions is e-ppraisals. They are created using scanned photographs that are communicated with via e-mail. E-appraisals are necessarily limited in scope and cannot be relied on for insurance or tax purposes because they are based on the owner’s description of the quilt, which includes the assessment of any damage, and because photos can make a quilt look better or worse depending on the quality of the photo. Then why make the effort?
There are a few different scenarios in which a casual e-appraisal would be sufficient. A family is attempting to devise a fair method to distribute mementos among family members, and they want a general idea of the value of the teapot that their grandmother used. The owner of a quilt that was just recently purchased is interested in finding out whether or not the quilt requires a formal appraisal so that it can be insured. The ability to boast about one’s purchase at an auction is important to a dedicated quilt lover who wants to be able to convince her skeptical spouse that she got a good deal at an auction.
Keep in mind that an e-ppraisal is never a suitable replacement for a formal appraisal if you require an insurance valuation, a tax valuation, or a valuation for the purposes of donation or estate planning. It’s possible that the price range will be something like: E-ppraisals given verbally cost $10, while written ones cost $20. A statement detailing the scope restrictions of the evaluation will be included in the written e-ppraisals.
Know Your Appraiser
When you bring a cherished antique quilt or a quilt you have just finished making to an appraiser, you have the right to expect that the appraiser will be ethical, fair, and knowledgeable about the subject matter. The appraiser should have extensive knowledge of three hundred years of textile history, fabrics, dyes, and printing processes; should be able to identify regional, ethnic, and cultural variations; must have a keenly developed mental inventory of quilts that allows them to compare the quilt on the table to other quilts in the marketplace; must understand current costs to reproduce new quilts; and must understand a great deal of additional information. Standards known as USPAP (Uniform Standards of Professional Appraisal Practices) have to be met for the written appraisal to be considered acceptable. Certified appraisers are required to recertify themselves every three years, and they must adhere to a stringent Code of Ethics that mandates the confidentiality of your appraisal information and other requirements.
Verifying an appraiser’s certification is the one and only way to know for certain that they will perform to the level of excellence you require of them. The American Quilter’s Society in Paducah, Kentucky is the only organization that offers rigorous testing and certification for appraisers working in the field of quilted textiles. This is done by the organization. Ask a potential appraiser about their certification before you hire them. If they are not, you should inquire as to why they are not certified because credentials such as these are essential for verifying a person’s level of expertise and ensuring that they are up to date on appropriate practices, legal requirements, markets, and trends.
Certification is absolutely necessary because it serves as proof that the appraiser satisfies the requirements set forth by insurance companies and the Internal Revenue Service. Be aware that anyone is able to enroll in the AQS classes even if your appraiser tells you that they are “trained” in the system. These classes are merely introductions to the various processes that can be carried out; they are not graded on a pass/fail basis, and there are no requirements to meet in order to attend or finish the course.
Appraisers of quilts and other textiles are not subject to any official government regulation, so anyone can call themselves an appraiser. It is in your best interest to confirm the credentials of the person you are going to entrust with your personal information and quilt.
The following individuals are currently recognized as Certified Appraisers in the state of Florida: Brenda Grampsas in Brooksville, Alma Moates in Pensacola, and Teddy Pruett in Lake City. Additionally, Marian Smith can be found in Clearwater Beach during the winter months, and Phyllis Hatcher will be appraising at the World Quilt Shows (Mancuso) in West Palm Beach.
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