What is a Quilt Appraisal and Why Should You Have One?
There are a number of reasons you should have your quilts appraised. The most important and obvious one is to establish insurance replacement value if the quilt is damaged or lost. We have all heard horror stories about quilts stolen from shows, shops and homes, or damaged while in transit or hanging in a show. If your quilt does not have an appraisal, most insurance companies will give you the cost of a blanket from a discount store. The quilt is considered a bedcovering and, without an appraisal, will be valued as such.
There are three basic types of appraisals:
- Insurance Appraisal – determines the replacement value of your quilt or garment
- Fair Market Appraisal – determines the market value – that figure arrived upon between a willing buyer and a willing seller, both with knowledge
- Tax Donation Appraisal – for someone who wants to donate a piece for any reason to any type of organization or place, or to establish a value for an estate/family, often after a death
Appraisals should be done for adequate coverage of those quilts that often travel to shows. Some shows will not accept a quilt unless it has been appraised. Art quilts especially should be valued with a monetary amount. An appraisal is necessary for any quilt that is going to be shipped anywhere – to a show or an individual.
An appraisal is necessary if the quilt owner wants to purchase a “Fine Arts Floater” insurance endorsement to their Homeowner’s policy. Appraisals are also needed for quilts that will be donated either to a museum, historical society, or charitable organization. The IRS wants to know the value of the piece, to whom it was given, and when.
If a quilt owner wants to sell a quilt – an antique, contemporary or art quilt – an appraisal will establish fair market value. This will vary regionally. Appraisals are meaningful additions to a quilt given as a gift!
An appraisal will inform the family that Grandma’s quilt is indeed a family heirloom and an item of value. Many families are curious about what Grandma’s quilt is worth – and they are often surprised!
An American Quilter’s Society (AQS) Certified Appraiser will be available by appointment during the show to give written appraisals of quilts and quilted garments. The appraisal process is not a critique of your work. Therefore, it is not necessary for you to be present for the appraisal. The completed appraisal will be mailed to you within ten days of the close of the show. (The appraiser has communicated to us that she needs the extra time to do a better job with outside library sources. She never knows in advance what she is going to see at the table.)
Appointments are now being taken for quilt appraisals at the 2014 Quilt Tulsa Show.
Appraisals will be done only during the quilt show hours of 10 AM – 5 PM, June 6 – 7, 2014.
Please email: Rita Funk email@example.com to make an appointment.