I saw Jenn's quilt in person. It's so much more wonderful that way! It's a gorgeous quilt and the workmanship is excellent.
I haven't had quilt appraised, but have had antiques and cars appraised for insurance. Yes, the appraised value is for replacement and is usually not what you would receive if you sold the item. It will normally sell for less than the appraised value. I had a vintage car appraised and the appraised value was $44,000. I was really keeping up on the values of vintage vehicles then and even though the car has won many prizes over the years and is really beautiful, in my estimation and selling price of anything over $30,000 would be pushing it.
Another thing we battle as quilter's is the lack of appreciation for hand made original quilts now. Younger people often don't have an appreciation of how much time, work and money is put in a good quilt. I heard one woman say 'But I could buy a quilt at the store for under $500. Yes, you could. It would not, however, be a one of a kind hand made quilt. Most people don't know the difference. Being able to discern quality seems to be a dying art.