A 5,000 Collection Rug Appraisal in NYC
Last week we traveled to NYC to certify the current fair market value of an impressive rug collection. Granted, we have appraised thousands of rugs in our 40 years of appraisal service but never have we appraised thousands of rugs in one appraisal assignment.
The collection consisted of rugs from the major rug producing regions including Turkish, Persian, Armenian, Egyptian, Russian, Chinese, Afghanistan, India, Pakistan, Romania, Romania, and Nepal/Tibet.
THE RUG APPRAISAL PROCESS
The rug appraisal process involves an examination, identification, market comparable research, and finally the certified appraisal report production. Whether it is one rug in your home, a grouping of rugs, or thousands of rugs, the appraisal methodology is the same to arrive at the certified value. Our independent, certified rug appraisal reports describe each rug, present multiple images, and present the current value. A fair market value is typically used for the purpose of resale, estate settlement, charitable donation, and settlement issues. The replacement value is used for insurance scheduling and damage claim resolution.
The more common styles of rugs we appraise include Afghan, Agra, Bakhtiari, Bakshaish, Baluchi, Bijar/Bidjar, Chobi, Hadji Jallili, Heriz, Isfahan, Kashan, Kurdish, Mahal, Malayer, Tabriz, and Turkoman.
RUG APPRAISAL DETERMINES IDENTITY AND VALUE
You may have inherited a rug and because most vintage and antique rugs are not labeled, you may have no idea what rug you have and its current value. This puts you at risk in case of a damage event or a desire to sell to a knowledgeable dealer. Understandably, one of the first items to be affected in a damage event is the rugs. Unfortunately, we have identified numerous valuable rugs after damage events that were not insured by homeowners and therefore were lost – thrown away without compensation. Also discouraging were stories from appraisal clients, after the fact, about unknown rugs that were sold for a fraction of their fair market value because they did not invest in an informative appraisal.
Know your rugs. Protect your rugs. Appraise your rugs. Nugent Appraisal rug appraisers travel throughout the United States and Florida certifying the value of Rugs, as well as Fine Art, Jewelry, Collectibles, and Residential Contents.