AboutHenry Babcock Expertise I learned needlepoint from my grandmother over 30 years ago. I can answer most questions on the subject. I know about producing needlepoint as well as cleaning, repairing and restoring.
Expert: Henry Babcock Date: 4/18/2008 Subject: appraisal
Question I have several needlepoints that I have done and because I have put a lot of money and time into them I would like to get them insured. Do you know anyone who could and would appraise these even though they are not antiques?
Answer Robin,
Here's some info I have seen about appraisals:
Some insurance companies consider needlework as art. Others require you to cover it under a rider. Whether you need to consider it as art or you need a separate rider, here's a quick way to calculate the value of each piece.
Establish the actual out-of-pocket cost of the materials -- painted canvas, chart, threads, finishing costs, etc.
Establish the value of your labor -- estimated at 1 hour per square inch of the design area times the minimum wage in your state (don't forget to re-figure that amount if your state's minimum wage goes up or if you move to a different state)
If your policy is based on actual replacement costs, you'll need to maintain a list of the threads used since the replacement cost will be different from your actual cost some years ago.
Take pictures of each piece! And maintain them with your materials list. If you haven't saved the receipts for finishing (and I suspect most of us haven't), you'll need the pictures to establish the replacement value of the finishing.
Send 1 copy of the pictures via registered mail to your insurance company with a request they keep it with your policy. Keep your copy of the pictures and other documentation, including the signed receipt from the insurance company verifying they received their copy, in your safe deposit box or at the home of a friend or family member. It won't do you any good if it's destroyed along with your pieces.
By Gini Armstrong via The American Needlepoint Guild
