An Oriental Rug Appraisal to rely upon…Don’t get fooled!

The appraisal needs to clearly and accurately describe the rug. Don’t get fooled by many of the ornate diploma-like documents supplied by sellers. It has been our experience that they are often incomplete and inaccurate, and overstate the value.

Most importantly, should the need arise, an independent expert asked to review the appraisal must be able to support or challenge the stated appraised value based solely upon the information and photos that the appraisal report contains.

Before you hire an appraiser be sure that they are accredited (ASA) or Certified (CRA) and their report will include:
• Type
• Country of Origin
• Size
• Age
This can be a range, i.e., circa 1960 or Modern.
• Description
Color, design, and Quality. This should include photos.
• VALUE
Retail Replacement Value – what a willing buyer will pay a willing seller, in an open market, at retail, and with no pressure of time.
Value for Immediate Sale – this often applies to estate valuations, divorces or bankruptcies when assets are being divided or distributed

Above all, if challenged, the appraisal and report needs to be DEFENSIBLE. It needs to be done by an expert who has experience with the product and, when necessary, has done the proper research to back up his or her opinions of value.