Oh, my -- Persian rug appraisal was WAAYYY off

[AndrewR]

I bought a few rugs in Baghdad when I was over there, and one of them is really nice -- a silk rug from the Iranian city of Qum which I bought for $2200 (it's a 3x5 ft). I had it appraised when I returned, for insurance purposes, and the guy where I took it didn't have much experience with Qum rugs. However, I had no choice because he was literally the only place in town (he was a white guy, I'll explain in a second).

So, he appraised it at about $2100, but he appraised another rug higher than I paid so the total was about what I paid. I figured the memory and the story behind him was worth and had no regrets. Sent the appraisal to my insurance company for inclusion on our renter's policy.

Now we relocated to Maryland, and I found a well established rug merchant who is Iranian. He immediately recognized both carpets I brought to him and actually read the signature on the Qum rug which is written in Farsi. The guy who sold it to me was Arab and couldn't read it so I had no idea what it said, other than it was probably the name of the person who made it. The white guy in Ohio didn't have a clue. The person who made it was Mohammed Jahmsidi or something like that.

Anyway, this guy appraised it, and he said it's worth about $5,000 in a retail store and for insurance purposes (I'm getting it in writing). I guess I did pretty well on the purchase, but I am ticked off at the first guy for potentially costing me a couple grand if anything had happened.

 

[legoman666]

how could it have cost you a "couple grand if anything had happened" if you only paid $2200 for it and had it insured for $2100? Seems to me that $2200 - $2100 = $100 loss.

 

[Slew Foot]

Its only worth what someone will pay for it.

 

[TechBoyJK]

Originally posted by: AndrewR
I bought a few rugs in Baghdad when I was over there, and one of them is really nice -- a silk rug from the Iranian city of Qum which I bought for $2200 (it's a 3x5 ft). I had it appraised when I returned, for insurance purposes, and the guy where I took it didn't have much experience with Qum rugs. However, I had no choice because he was literally the only place in town (he was a white guy, I'll explain in a second).

So, he appraised it at about $2100, but he appraised another rug higher than I paid so the total was about what I paid. I figured the memory and the story behind him was worth and had no regrets. Sent the appraisal to my insurance company for inclusion on our renter's policy.

Now we relocated to Maryland, and I found a well established rug merchant who is Iranian. He immediately recognized both carpets I brought to him and actually read the signature on the Qum rug which is written in Farsi. The guy who sold it to me was Arab and couldn't read it so I had no idea what it said, other than it was probably the name of the person who made it. The white guy in Ohio didn't have a clue. The person who made it was Mohammed Jahmsidi or something like that.

Anyway, this guy appraised it, and he said it's worth about $5,000 in a retail store and for insurance purposes (I'm getting it in writing). I guess I did pretty well on the purchase, but I am ticked off at the first guy for potentially costing me a couple grand if anything had happened.

thanks for serving.

 

[Billb2]

Someone gave my brother an oriental rug when he helped clean out a dead grandmother's house. It was so dirty his wife wouldn't let him bring it into the house. Long story short: he sold it to the cleaner for $6000.

 

[Born2bwire]

Originally posted by: legoman666
how could it have cost you a "couple grand if anything had happened" if you only paid $2200 for it and had it insured for $2100? Seems to me that $2200 - $2100 = $100 loss.

And how much would he then have to spend to get it replaced. I doubt he's going to go back to Baghdad for another rug.

 

[Baked]

You bought them in Iran? That money goes to support terrorism. Good job.

 

[zoiks]

Originally posted by: Baked
You bought them in Iran? That money goes to support terrorism. Good job.

 

[Canai]

Originally posted by: legoman666
how could it have cost you a "couple grand if anything had happened" if you only paid $2200 for it and had it insured for $2100? Seems to me that $2200 - $2100 = $100 loss.

I'd think it would be hard to find a similar rug in the US for $2100.

Originally posted by: Baked
You bought them in Iran? That money goes to support terrorism. Good job.

Support the terrorists in their fine Persian rug endeavor :thumbsup:

 

[JulesMaximus]

Originally posted by: AndrewR
I bought a few rugs in Baghdad when I was over there, and one of them is really nice -- a silk rug from the Iranian city of Qum which I bought for $2200 (it's a 3x5 ft). I had it appraised when I returned, for insurance purposes, and the guy where I took it didn't have much experience with Qum rugs. However, I had no choice because he was literally the only place in town (he was a white guy, I'll explain in a second).

So, he appraised it at about $2100, but he appraised another rug higher than I paid so the total was about what I paid. I figured the memory and the story behind him was worth and had no regrets. Sent the appraisal to my insurance company for inclusion on our renter's policy.

Now we relocated to Maryland, and I found a well established rug merchant who is Iranian. He immediately recognized both carpets I brought to him and actually read the signature on the Qum rug which is written in Farsi. The guy who sold it to me was Arab and couldn't read it so I had no idea what it said, other than it was probably the name of the person who made it. The white guy in Ohio didn't have a clue. The person who made it was Mohammed Jahmsidi or something like that.

Anyway, this guy appraised it, and he said it's worth about $5,000 in a retail store and for insurance purposes (I'm getting it in writing). I guess I did pretty well on the purchase, but I am ticked off at the first guy for potentially costing me a couple grand if anything had happened.

Interesting post. I have a friend who is Afghani and he picked up a rug at a garage sale for $500...the rug was worth $25,000. He shipped it to a relative in PA who sold it for that much. I wouldn't know jack about these things but apparently you can make bank if you know what to look for.

 

[AndrewR]

Originally posted by: legoman666
how could it have cost you a "couple grand if anything had happened" if you only paid $2200 for it and had it insured for $2100? Seems to me that $2200 - $2100 = $100 loss.

As someone mentions above, it's the replacement cost, not the actual cost. Plus, while I do want to go back to Iraq, I probably won't have the opportunity since I'm no longer active duty, and the Reserve unit I'm looking to join won't deploy in-country.

Originally posted by: baked
You bought them in Iran? That money goes to support terrorism. Good job.

A+ on reading comprehension, Champ. I guess what they say about MJ is wrong...

Originally posted by: JulesMaximus
Interesting post. I have a friend who is Afghani and he picked up a rug at a garage sale for $500...the rug was worth $25,000. He shipped it to a relative in PA who sold it for that much. I wouldn't know jack about these things but apparently you can make bank if you know what to look for.

It's VERY, VERY difficult with these rugs. I agonized over the silk rug purchase for the amount of money, and I did as much research as I could over the web while I was there before I bought. It seemed like a good price, but I really had no way to tell. You have to really know your stuff to get a deal, and it's easy to be taken. I was a little dismayed with the initial appraisal, but I'm a little happier now.

I talked with some Brits over there, and there was one guy who had deployed to Afghanistan among the first ones to go, somewhat after it had stabilized. Well, he sank thousands of dollars into dozens of rugs and sent them all back to England where he resold them and made tens of thousands of dollars. After a few years, the rug merchants wised up and raised their prices. He was following a good old British tradition of taking advantage of the locals.

 

[venkman]

Originally posted by: legoman666
how could it have cost you a "couple grand if anything had happened" if you only paid $2200 for it and had it insured for $2100? Seems to me that $2200 - $2100 = $100 loss.

opportunity cost

PS. When did Baghdad move to Iran?

 

[KK]

home depot has 3x5 rugs for 15-20 dollars.

 

[Aharami]

Originally posted by: Baked
You bought them in Iran? That money goes to support terrorism. Good job.

did you forget to smoke your weed today?

 

[AndrewR]

Originally posted by: KK
home depot has 3x5 rugs for 15-20 dollars.

You're expected to walk on those rugs though and can easily replace them. Mine is finally going to be hung on the wall.

 

[mrSHEiK124]

If you've got an FTA satellite, all those random Irani/Persian channels broadcasting from like California are always selling rugs, auction style. You can get some pretty sick deals late at night, my dad asked around, watched for a few weeks, then bought some rugs for about 1/2 of what they're worth in a retail store here.

 

[KK]

Originally posted by: AndrewR

Originally posted by: KK
home depot has 3x5 rugs for 15-20 dollars.

You're expected to walk on those rugs though and can easily replace them. Mine is finally going to be hung on the wall.

Yeah, I guess that makes sense. When I was in saudi we had some folks buy rugs, but they were room size rugs, but I don't believe they were anywhere close to the price you paid.

 

[ElFenix]

Originally posted by: Baked
You bought them in Iran? That money goes to support terrorism. Good job.

rugs aren't even on the import ban list for iran. rugs and foodstuffs (caviar) can be brought in. and i thought i was so clever with my couple grams of saffron.

qum is the center of iranian islamic orthodoxy.

not to mention that the rug was purchased in baghdad.

 

[Baked]

You guys totally missed the joke...

 

[ElFenix]

Originally posted by: Baked
You guys totally missed the joke...

TERRAH!

 

[cubby1223]

Originally posted by: AndrewR
Anyway, this guy appraised it, and he said it's worth about $5,000 in a retail store and for insurance purposes (I'm getting it in writing). I guess I did pretty well on the purchase, but I am ticked off at the first guy for potentially costing me a couple grand if anything had happened.

It's only worth what someone is willing to pay for it. Have ten different people appraise the rug, you'll probably get ten different numbers.

 

[blurredvision]

Yikes! I don't see the appeal of paying that much for a small rug that you'll hang on the wall. To each his own, different strokes....blah blah.

 

[Schfifty Five]

Originally posted by: AndrewR

Originally posted by: KK
home depot has 3x5 rugs for 15-20 dollars.

You're expected to walk on those rugs though and can easily replace them. Mine is finally going to be hung on the wall.

You walk on your walls?

j/k heh.

 

[AndrewR]

Originally posted by: cubby1223

Originally posted by: AndrewR
Anyway, this guy appraised it, and he said it's worth about $5,000 in a retail store and for insurance purposes (I'm getting it in writing). I guess I did pretty well on the purchase, but I am ticked off at the first guy for potentially costing me a couple grand if anything had happened.

It's only worth what someone is willing to pay for it. Have ten different people appraise the rug, you'll probably get ten different numbers.

True, just like any work of art, which this rug is. And, just like any work of art worth more than a few dollars, you have it appraised by an expert for insurance purposes in case of accidental or deliberate damage or loss. I found an expert in Persian rugs, which my first appraiser wasn't, and the appraisal represents the approximate market value for a retail rug of this quality. I will send that to my insurance company to amend my valuable personal property policy.

Ever watch Antiques Roadshow? Same idea as the pricing on there.

 

[AndrewR]

Originally posted by: KK

Originally posted by: AndrewR

Originally posted by: KK
home depot has 3x5 rugs for 15-20 dollars.

You're expected to walk on those rugs though and can easily replace them. Mine is finally going to be hung on the wall.

Yeah, I guess that makes sense. When I was in saudi we had some folks buy rugs, but they were room size rugs, but I don't believe they were anywhere close to the price you paid.

I wasn't clear on the logistics of getting a monster rug back to the States. The third rug I bought was a Tabriz, also 3x5, and the merchant had another rug with the same design that was a 9x12 or thereabouts. It was absolutely beautiful, but I think he wanted about $5000 for it (mine was $900).

One guy was dropping $12,000 on rugs while I was looking, and he wasn't really blinking an eye about doing it. :Q