Why appraise a quilt?

An appraisal helps determine the value of your quilt. Frequently, an appraisal is used as a legal document to confirm the value of the quilt. This document may be necessary for your insurance company, the IRS, or settling estates. Sometimes an appraisal is desired to guide a quilt owner to a fair selling price. You should tell your appraiser how you plan to use the appraisal so that your appraiser has the best chance of meeting your needs.

What does “appraised value” mean?

An appraiser provides documentation for one of three values.

Fair Market Value:
Fair market value assumes that the buyer and seller have reasonable knowledge of the item. Fair market value is the price at which a quilt would change hands between a willing buyer and a willing seller with neither being under any pressure to buy or sell. It is influenced by the number of similar products available for purchase and the number of interested buyers.

Donation Value:
Donation value is very similar to fair market value except it applies to situations where a buyer and seller are not involved – such as to establish the value of a gift, donation or to settle estates.

Insurance Replacement Value:
Replacement value is the value an appraiser believes you would pay to obtain a replacement quilt of similar quality. It does not reflect what you would get for that quilt if you sold it. This value is generally higher than fair market value because of the constraints associated with identifying an item that meets the standard of being “in like and kind” or reconstruction costs.

APPRAISALS DO NOT…

• Establish a price. A price is an agreed upon value between a buyer and a seller. If you sell your quilted item, you establish a price which may be guided by fair market value.
• Create provenance. Appraisals document value and the known characteristics that influence value.  It is rewarding to create the documentation that establishes a quilt’s history, but this is a separate process from determining appraisal value.
  

What happens during an appraisal?

• An appraisal requires that the appraiser inspect the item in person. This allows the appraiser to freely inspect the entire item.
• The appraiser will spend about 30 minutes examining the quilted textile to collect information from you and the textile. Notes will be taken and likely pictures will be taken for the appraiser’s records. The textile will then be returned to you.
• The appraiser later uses the collected information to write the appraisal. The appraisal is then written and mailed to the quilt owner. This process can take 10 days to 2 months depending on the the amount of research that is required.
• Information regarding your appraisal is held in trust between you and your appraiser. The appraisal is not to be published for public viewing. The appraisal is provided directly to the quilt owner, regardless of who brings the quilt for the appraisal.
• Because an appraisal represents the condition of a quilt textile and market trends at a single point in time, appraisals should be done every 3-5 years to confirm the condition of the item and adjust for changes in the market.

WHAT TO BRING TO AN APPRAISAL

The quilted item is required. If possible, bring the quilt owner.

A completed pre-appraisal information sheet.

Copies of known documentation pertaining to the quilt.

If historical figures or events are associated with the quilt, bring documentation that connects the quilt to that history. The most effective documentation offers a description of the quilt. Documentation can be letters and pictures of known people that show or describe the quilt. If you know the following information, be prepared to offer it:

• When, where and why the quilt was made
• Quilt maker’s name, residence, birth and death dates.
• Previous quilt owners names, residence, birth and death dates.
• Awards that the quilt has recieved
• Shows that the quilt has been part of
  

Appraisal “Don’ts”

There are a few, but only one worth mentioning here – Don’t ship your quilt to me.

• Quilts can be lost or damaged during the shipping process. This risk is one of the more common reasons for getting an appraisal.
• I may not be able to personally accept delivery of your quilt. I cannot take responsibility for a quilt that I am not expecting and if I am traveling, you do not want your quilt exposed to the elements for extended periods of time while it sits on my front porch or in my driveway.
• I do not do appraisals in my home. My home address is included on my material for correspondence purposes only. For your appraisal, we will meet at another location that is convenient for both of us such as a quilting supply store, a community center, a church or a library.
  

What are the appraiser’s obligations?

Reputable appraisers follow recognized ethical guidelines and regularly engage in professional development to stay current with current trends. My background, experience and professional development activities are listed under the “About Me” portion of this website. The ethical guidelines that I follow include:

• I will inform you if the value of your quilted textile does not warrant an appraisal.
• I will refuse to appraise an item if I feel that I lack the appropriate background knowledge. My appraisal knowledge is limited to quilted textiles and a small number of other items. If your quilted textiles fall outside of my knowledge base, I will refer you to a more knowledgeable appraiser.
• The appraisal is a confidential document between the appraiser and the textile owner. The written appraisal will only be provided to the quilt owner. Another person may bring the quilt to be appraised, but the written appraisal is mailed directly to the owner.
• I will not take advantage of you and offer to purchase your quilted textile at the time of appraisal. I will not appraise a quilt that I am interested in purchasing. This would be a conflict of interest. If I am interested in purchasing your item, I will refer you to another appraiser.

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If you are interested in an appraisal, please leave a reply below to establish a means of communication. We can email privately to determine if an appraisal is your next step.