I can give you my experience, such as it is. I had never thought of myself as a "quilter" (tho I am in a guild and I do make quilts) because I have been sewing since I was 4 yrs old (now fast approaching 74!). I made clothes, did alterations, played with crafts. I am really a good sewist! Quilting, I don't like little pieces, love panels, go pedal to the metal and don't like to fuss with details! Ha, not great quilter material. lol. I made a special quilt for my dil, she hom schools my autistic g-son. I embroidered in the borders all the words with special meaning; love, patience, confidence, etc. It was bright colors in the puzzle pieces pattern with black borders. Very striking, everyone loved it, but again, not the best workmanship, accuracy on corners, etc. I entered it, never in 8 years of quilting had I entered anything. Won first place! I couldn't believe it, was so in shock I didn't stand to get my award, thought they were kidding???
Our judge gave good feedback, praise and criticism as well. I think the bold colors is what got my ribbon, but everyone stopped to look at it! Also, we tell a story about our quilts and that won second place! (Lady whose husband died made a quilt from his shirts and told his story, no ribbon for the quilt, but first place for the story.) It is a mystery worth the adventure. Enter, see what happens, usually free or just a small fee to enter, what do you have to lose?
Appraised, unless it is a SPECTACULAR quilt, with exquisite piecing and quilting (perhaps an art quilt) I wouldn't spend money on a new one. Antiques are also judged/appraised on the piecing and quilting, color, pattern, how rare, what kind of shape, etc. If you know the provenance, history, that increases the value. Hate to say "you be the judge" if it is worth paying the fee, but again, what do you have to lose except the cost of the appraisal fee?