As is true for jewelry, appraising
Oriental rugs is a highly-skilled task, best done by someone with specific
in-depth knowledge of the factors that contribute to their value.
With the hundreds of fine rugs that we clean each year, we are often asked for advice on appraising Hand Knotted Oriental rugs that are in for service. Why would you need to know the value of a rug? It is usually for one of these reasons:
Individuals
- You’re
Buying – You see a rug for sale privately or through a dealer, and want to
make sure the price is fair. A reputable and reasonable seller will not
resist a third-party appraisal.
- For
Insurance – You either need to know what the value is in order to pay the
proper premium, or to collect on a loss.
- You’ve
Inherited – You might keep it, you might sell it. Either way, knowing its
value is important, for tax and insurance purposes, or to make sure you
get what it’s worth.
- You’re
Selling – What about that rug you bought for your first apartment, the one
that doesn’t fit your current décor? Is it worth selling or trading, or
has it become a mover’s blanket?
Insurance
Professionals
A comprehensive, accurate and
impartial appraisal is critical in situations such as:
- Substantiating
claims in cases of stated versus actual value with regard to antique,
art-quality or trend-dependent rugs
- Determining
valuation under dispute in major loss scenarios when many rugs are
involved, especially at a store or warehouse
- Deciding
whether a rug partially damaged by fire, flood or another insurable cause
must be replaced, or if it can be cleaned and repaired, and still keep its
value
Trusts
& Estates
As an attorney or executor to your fiduciary obligations in trust and estate situations, you may require a Certified Appraisal to determine the real worth of rugs so that they can be confidently passed on, sold outright or valued for auction.
Watch for our upcoming post,
“What Determines the Value of an Oriental Rug?”
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