About Quilt Appraisals
A quilt appraisal provides you with a document that accurately describes the quilt. Many people get appraisals so they can obtain the replacement value from an insurance company if the quilt is damaged or stolen. For this reason, a copy of the appraisal should be kept with valuables and provided to the carrier of your homeowner’s insurance policy.
Another reason that people seek an appraisal is to determine the fair market value of the quilt in order to sell it. Keep in mind that you may not be able to sell the quilt for the fair market value, as interested buyers may want to get it discounted in order to resell the quilt themselves. However, knowing the fair market value gives you an accurate idea of the worth of the quilt.
If you are considering donating a quilt for a raffle or to benefit a tax-exempt organization, an appraisal should be done in advance so that you can deduct the value of the quilt on your tax return.
While all of the above are good reasons for an appraisal, another reason is simply to have someone with expertise tell you more about your quilt. The appraisal includes information on the time period in which the quilt was likely made, construction techniques, and expert opinion on the skill level of the quilt maker.
It may come as a surprise that the value of a quilt that you have made may be higher than a prized antique quilt. That is because the worth is determined by the cost of having the quilt remade, as opposed to the cost of finding a similar quilt in the marketplace.
|
|