How Much is My Antique Carpet Worth?
Antique carpet rating is a slippery slope, according to Omri Schwartz of X , a company specializing in fine antique carpets in New York City. As the quality of antique rugs varies and tastes in decorating with antiques change, affecting demand, it is almost impossible for the average person to explore the true value of an antique rug for themselves.
Schwartz provides an example to demonstrate this point: “Suppose you inherit a 12 x 18 foot carpet and you have been told that it is a Persian Tabriz over 80 years old. It is no exaggeration to say it could be worth between $1,000 and $1 million.” If you open an auction catalogue or try to compare it with other carpets you think are comparable online, you will get there quickly and easily. ”
Serious carpet dealers receive phone calls every day from people with unrealistic expectations about the value of their grandmother’s antique carpet . They know that she bought the rug years ago and think it is worth a certain amount of money because they have seen a similar rug offered for sale at that price. The size, the dyes used in the manufacturing process and the design all play a role in determining the value, and similar looking rugs can turn out to be very different on closer inspection.
As with all antiques offered for sale, the selling price is different from a dealer’s asking price. For this reason, appraisers use comparable actual selling prices as often as possible when assessing values. If you do not have access to information about what an antique carpet was sold for, it is difficult to determine a value even if you know the exact provenance and age. In addition, you need to understand not only the composition of the carpet, but also the current carpet market in order to reach the final value at a given time. This is an example of how to value antiques when it is best to consult a professional.
Have an antique carpet appraised
To have your antique carpet appraised, contact a reputable dealer, send him/her photos of your carpet and tell him/her the purpose of your appraisal:
- Do you want to sell it and would you like to know how much a dealer would pay for it? When the dealer makes an offer, it is not an evaluation, but an offer to buy at the price set by the dealer.
- Are you interested in an auction house reserve price estimate? This is the least you would be willing to sell for at an auction – a safety net to protect your interests, so to speak.
- Would you like to get an estimate of the market value of a fair market? In other words, how much would a trader expect to get if he sold to a retail customer?
- Do you wonder what a fair trade-in value would be? If so, you probably want to upgrade your carpet to a better one or change the look of your room.
- Would you like to ensure this and demand a fair valuation of the retail value? These appraisals are always full written appraisals, as required by insurance companies.
Once you have defined the purpose, the assessor will help you determine the type of type you need:
- Complete written assessment. These reviews usually cost at least $500, if not more, depending on the dealer. So be sure to ask for the fee before you look at your carpet. A full written assessment costs more because once signed and delivered, it is considered an official document that can be used in court. It also takes time to research comparable values and prepare the documentation. Should a legal situation arise regarding the value of the carpet, the person who gave the assessment can be taken to court to testify. In addition to determining the value of your rug in the event you sell it or need a replacement due to fire or theft, a valuation helps with authentication and ultimately increases the value of the rug.
- Oral appreciation. These less formal appraisals usually cost around $100, unless you ask the dealer to provide a quote for the rug. Dealers may conduct research on the sale of comparable items to determine values. However, no written documentation with a verbal valuation is provided.