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I received the appraisal of my quilt that was in the Knoxville show. It is appraised at $4500. That seems unbelievably high to me, I was thinking maybe $1000? Is that just insurance value?
In this economy and so many people quilting, I just don't see anyone paying that for a quilt. |
Wow!
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WOW!!! You have some gorgeous work in that quilt and you did get it into a big show and all.
Congrats!!! There are people out there that would pay that kind of money for a quilt. Not everyone quilts! |
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.
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Originally Posted by pittsburgpam
In this economy and so many people quilting, I just don't see anyone paying that for a quilt.
If you're thinking of selling the quilt, then it's a starting place on a price. |
The written appraisal should tell you if it is insurance replacement value (which it probably is in the case of a show quilt) or fair market value (used for sale or donation purposes). More info on quilt appraisals. http://www.quiltappraisers.org/facts.html
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What something is appraised at and what something can sell for are two different things. Market conditions, economy etc. will always be the determining factor in what an item is "worth".
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My aunt had some of her quilts appraised and it's just for insurance. Her king size hand embroidered, hand quilted, cream colored satin with the states, state birds, state flowers and a star for each capital appraised at $7000. There's no way she could ever get that much money if she were to sell it. Isn't it a shame that a quilt would be worth more destroyed or stolen than it is intact? Of course even $7000 wouldn't cover the sentimental value.
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I saw a hand quilted log cabin quilt at a craft center on the Blue Ridge Parkway just outside of Asheville that was priced at $3000. I don't know what size it was, though, but it was beautiful. And this was just last year.
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well the designer quilters get that for their quilts.why not? i do agree about the economy but sometimes people do still spend for what they really want.
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Pam I don't know anything about appraising but want to congratulate you on winning! I missed it somehow~~
Hugs Sue |
Well, the quilt WAS really beautiful.....I'm sure there are still people able to buy stuuf that high. What great compliment to you!!!!!!!
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Sue, I didn't win at Knoxville. I really didn't think I would but it was nice that it was accepted. It did win best of show at my county fair.
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Can someone explain to me why, if the cost for Pam to replace the quilt is $4,500 that means someone has to sell it to her for that amount. So why isn't that the sale price appraisal, too? It's just the other side of the same transaction. I mean, why is the appraisal for sale always lower than the appraisal for insurance? Is it just so the insurance company can make more money on premiums? That's always seemed kind of snarky to me.
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Pam - Congratulations!!!! You may have posted a pic in another thread but could you post it here also? Would love to see it!
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I don't know why replacement value is different than purchase value.
There's pictures of the quilt here http://www.quiltingboard.com/t-37727-1.htm and here is the whole thing http://www.quiltingboard.com/t-46310-1.htm |
Pam that was the one. I guess I got the wrong place where you won it but it's a definite WINNER and so again, congratulations !! :D
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Absolutely beautiful!!!!
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Your quilt is beautiful. You should be very pleased that your work was acknowledged as very valuable from the appraiser! Congratulations!
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Swallowing hard and gulping. Holey moley.
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Originally Posted by ghostrider
Can someone explain to me why, if the cost for Pam to replace the quilt is $4,500 that means someone has to sell it to her for that amount. So why isn't that the sale price appraisal, too? It's just the other side of the same transaction. I mean, why is the appraisal for sale always lower than the appraisal for insurance? Is it just so the insurance company can make more money on premiums? That's always seemed kind of snarky to me.
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Congratulations thats a Beautie....
Do any of us really get how insurance works, know how its suppose to be but the rotating rules.... Don't want to go there. :) |
Originally Posted by pittsburgpam
I received the appraisal of my quilt that was in the Knoxville show. It is appraised at $4500. That seems unbelievably high to me, I was thinking maybe $1000? Is that just insurance value?
In this economy and so many people quilting, I just don't see anyone paying that for a quilt. I think you're forgetting about the increased value your quilt has gained from being in a national AQS quilt show. Those shows have the reputation of showing the better quilts... so that adds value... And if your quilt won any recognition/prize, its value would increase even more. Even a quilt that appears in a national magazine increases its value just by virtue of being in the magazine. Congratulations, you should be very proud of your talent being recognized! |
I have seen your quilts and I'm sure it is worth that. Your work is awesome.
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