As an owner of an Oriental rug, you might have some questions about a certain Oriental rug you own, but aren’t sure where to go or who to go to. The process of assessing the value of a rug and determining other factors about it is known in rug-speak as “rug appraisal.” In this blog post, our team at Fred Remmers Rug Cleaners & Oriental Rug Gallery will give you the break down on multiple questions you might have about rug appraisal. We provide rug appraisal services to the Memphis, Tenn., area, so if you’re looking to find specifics about a rug you own, contact us today for more information!
What is Rug Appraisal?
As briefly mentioned before, rug appraisal is the process of assessing certain values of a rug. The process typically involves many steps, which may include anything from interviewing family members to inspecting the materials used in the rug’s construction.
At Fred Remmers Rug Cleaning, our rug appraisal reports typically include:
- Rug Origin/Provenance and Circa Date
- Rug Condition
- Rug Dimensions
- Rug Design
- Rug Medium
- Rug Retail Value
Simply put: Rug appraisal is a means of getting a professional’s eyes on your lavish, expensive rug in case anything unexpected happens in your future, or if you’re just genuinely curious.
Why would you need Rug Appraisal?
There are multiple reasons for utilizing a rug appraisal specialist. You might be looking to sell an antique rug you own, or you’re wanting the information for tax planning or insurance purposes. Some other reasons for needing a rug appraisal include the following:
- Your curiosity. Let’s say you have a family heirloom rug and you’re interested in where it came from and how old it is. Getting a rug appraisal is the most accurate way to get this information. But don’t be surprised to call it what it is. Sometimes, your grandma’s antique rug is just a rug.
- Your insurance needs proof. As we mentioned before, owning an Oriental rug is usually an investment. Oriental rugs aren’t cheap, and getting insurance on the rug is a smart idea. However, most insurance companies require a current appraisal if anything happens to your valuable rug.
- You’re going through a divorce. We know this is a difficult time in a person’s life, but if you and your partner are splitting and you both purchased several Oriental rugs together, an appraisal can determine the worth of the rugs and how those rugs (or money) should be divided.
Most experts suggest having your appraisal updated every five to 10 years, as the market is constantly changing, and your rug will likely increase in value as it gets older. You want to make sure the investments you’re putting into your rugs are up-to-date, in case of any sudden life changes.
Who’s qualified to perform Rug Appraisal?
Skilled, experienced rug appraisal experts can assist in finding the value of your rug.
The appraisal can be considered a legal document, so you want to ensure you find a professional with the proper know-how and dedication to the craft. You also want to verify the appraisals they provide are certified and accepted by the IRS and U.S. government, or else the appraisal isn’t going to help you like it should in a complex situation.
The appraisal specialist will likely photograph the rug and perform close inspections of the rug. They might also conduct market research to establish the correct value of the rug you bring in.
How much does it usually cost?
It depends on your rug, but a legally-written appraisal can run you well over $500. If you don’t need legal documentation and are just interested in getting a verbal estimation, appraisal experts will usually charge around $100.
Let Fred Remmers Rug Cleaners Help!
At Fred Remmers Rug Cleaners & Oriental Rug Gallery, we are proud to offer comprehensive rug appraisals to any private owners, estate executors and fiduciary advisors in the Memphis area. We’re pretty experienced at it, too, considering we’ve been serving our clients since 1881.
Our specialists have an extensive amount of experience in their craft, and our rug appraisal reports are lengthy, in-depth and accurate.
If you’re looking for a highly experienced and highly skilled rug appraisal specialist, contact our Memphis location today by calling (901) 468-3973 or by filling out our online form.