I love this thread!
This is what I did with a wedding quilt I made for a nephew who I thought would appreciate the quilt (and I was right--they called me up 2 days after the wedding to say it was the best gift that they got). I had it appraised for them before I gave it to them, and the appraisal was for $1200. A couple of months after the wedding I gave them the appraisal certificate and said they should hold onto it for insurance purposes. This way, they really know the true value of what they got. But, I really have to be confident that someone will appreciate it before I go to the trouble of making a quilt for a gift.