What should I know about appraisals and the value of my rug?
What are the appraisal values for antique rugs, and what do they really mean?
Finally, we’d like to address a question we receive on a daily basis: “How much is my rug worth?” The reality is, that’s a reasonable question with a precarious answer.
Antique oriental rugs come in a wide range of prices and grades, as we’ve already established. Supply and demand must be taken into consideration as well. Ordinary people cannot appraise an item on their own because tastes and decorating styles change so frequently.
If a someone inherits a 4′ x 8′ rug from a relative and is told it is a Persian Tabriz from the late 1400s, we wouldn’t be lying if we stated it could be worth somewhere between $5,000 and $6,000,000.
Scanning an auction catalogs or attempting to compare your rug with other Rugs that you believe are similar can lead you nowhere, and quickly.
The simplest method is to contact a trustworthy dealer, email them some photographs, and inform them of the type of appraisal you require.
What exactly do the various appraisal values imply?
The cash worth of an item is the amount a dealer would be willing to pay for it right now.
Auction Value – What will an auction house be ready to accept it for / reserve it for (the guide price is the minimum price that a piece must sell for before it can be sold). If it doesn’t sell, the seller — you — will more than likely be responsible for the costs of packing, insurance, and collection and delivery.
Fair retail market value – This is the price that a customer would expect to pay if they walked into a rug store and saw the rug.
Replacement Value – This is the amount you’d need to insure the rug for if it were stolen or damaged (since future values are difficult to predict, this type of price estimate should be greater than the others stated above).
How much should an appraisal of an antique rug cost?
The expense of a complete written appraisal would be at the very least $400, if not more. A spoken appraisal normally costs between $250 and $290.
The reason a comprehensive written appraisal costs more than a verbal one is that once signed and given, the appraisal document is regarded a legal document, and the person who provided it may be summoned into court to testify and put his credibility on the line.