I'm not sure but I think with appraisals it is given for insurance value. Insure it valued at the appraisers quote. Feasibly it is what it would cost you to replace it. When you consider your time and effort on top of the raw materials cost plus what you had to pay Judi to quilt it... I'd say that adds up pretty darn quick, plus a premium of it being a one of a kind original. I don't think this estimate is too high.