As many of you know who have read my blog regularly, I made a crazy quilt that took me nine years to complete. My heart and soul are stitched into that quilt. I could not begin to replace so many of the fabrics, trims and historical memorabilia that I have collected over the years to complete my quilt. Before I entered the quilt in the NQA show in Columbus, Ohio I decided it was very important to have the quilt appraised. A written appraisal will determine the value for replacement with similar like and kind when shipping your quilt, displaying it in a quilt show or any loss or damage. Rarely, will standard homeowners insurance cover your quilt while it is being exhibited in a quilt show. In order to keep the cost of insurance reasonable for event organizers, quilts are valued at a set limit, (often $500 for large quilts and $250 for small quilts) unless a written appraisal by a recognized expert accompanies the quilt. This is the reason that the American Quilter’s Society in Paducah, KY started the Quilt Appraisal Certification Program This establishes guidelines and criteria for setting realistic replacement values on quilted textiles.In addition to establishing replacement value on your quilt, quilt appraisals can also be used to determine Fair Market Value. In other words, if you wanted to sell your quilt in the open market, what would it be worth? My appraisal was strictly based on replacement value. I used two AQS certified appraisers out of Columbus, Ohio. They took many pictures while I was there, made many notes and ask questions about specific old fabrics and trims, etc. They consulted a fabric historian, especially for the piece that my grandmother had made. Stitches and beads were counted to determine how long it would take to make another similar quilt and of course the backing, binding, trims, labels, etc. were included in the final replacement value of the quilt. On my quilt, no appraisal was declared for artistic quality or the fair market value – at the time I had my quilt appraised, I wasn’t aware that I could have this done. I couldn’t begin to replace the quilt and its’ memories, but I am secure in knowing that if something happened to my quilt, there would be some compensation .
Why should you have your quilts appraised?
l. To establish a replacement value for insurance purposes.
2. To purchase a “Fine Arts Floater”
3. To determine a value for donation, gift, or estate purposes for the IRS
4. To provide a value to a venue that requires insurance and/or appraisals
5. To provide adequate coverage during shipping or while in transit.
6. To aid in determining a Fair Market Value.
7. A meaningful addition to a quilt given as a gift.
Three types of quilt appraisals:
2. To purchase a “Fine Arts Floater”
3. To determine a value for donation, gift, or estate purposes for the IRS
4. To provide a value to a venue that requires insurance and/or appraisals
5. To provide adequate coverage during shipping or while in transit.
6. To aid in determining a Fair Market Value.
7. A meaningful addition to a quilt given as a gift.
Three types of quilt appraisals:
a. Insurance Replacement Appraisal
b. Fair Market Appraisal
c. Tax Donation Appraisal
A written quilt appraisal should specify a circa date of when your quilt was made, the maker’s name if known, adequately describe your quilt through pattern, set, materials, construction technique, color and any other pertinent information, accurately assess the quality of workmanship and the overall condition of your textile, note the current economic conditions, describe the type of value being established, the actual value being established, the actual value, and the method and resources used to substantiate value. Any other factual information known that would affect value should also be noted. This might include special exhibits, awards, quilt maker’s established sales record, publications, and any other information relative to the quilt, quilt maker or quilt owner. The qualifications of the Quilt Appraiser should also be provided.
b. Fair Market Appraisal
c. Tax Donation Appraisal
A written quilt appraisal should specify a circa date of when your quilt was made, the maker’s name if known, adequately describe your quilt through pattern, set, materials, construction technique, color and any other pertinent information, accurately assess the quality of workmanship and the overall condition of your textile, note the current economic conditions, describe the type of value being established, the actual value being established, the actual value, and the method and resources used to substantiate value. Any other factual information known that would affect value should also be noted. This might include special exhibits, awards, quilt maker’s established sales record, publications, and any other information relative to the quilt, quilt maker or quilt owner. The qualifications of the Quilt Appraiser should also be provided.
I plan to update my appraisal information now that my quilt has won ribbons in two different shows. A basic appraisal costs approximately $35.00 so it is affordable to have your quilts appraised, especially the ones that are near and dear to you. Check online for additional information on appraisals--- there is a lot of information out there.
http://www.bobbieaug.com/html/appraisal.html
http://www.lequilts.com/html/quilt_appraisal.html
http://deedadik.home.att.net/
http://www.bobbieaug.com/html/appraisal.html
http://www.lequilts.com/html/quilt_appraisal.html
http://deedadik.home.att.net/
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