February 22, 2020 - Antiques, Art and Collectibles
The craftsmanship, intricate detail, and colors are certainly attractive but what might it be worth? An antique Persian rug dating from the seventeenth century sold at Sotheby’s, New York for $34 million.
Your rug may be valuable. Could it be worth more to you if you convert it to cash? Read on to learn how to tell if your rug is valuable?
Stories of antique rugs found in the attic and sold for a fortune may seem exciting. Perhaps your old forgotten rug is worth millions too. Yes, rugs can sell for thousands if not millions.
If you don’t have some expert knowledge of the antique rug market it’s very difficult to appraise your old rug. The value is determined by various characteristics of the rug but also by what rugs of that type and age have actually sold for. To accurately appraise the value of a rug it is best to consult a professional.
You may be able to turn your rug into a collateral loan from a pawnbroker. Check interest rates. They may be better than a loan from a financial institution.
If you have concerns about credit checks a pawnbroker is a good option. There are no credit checks. The paperwork is simpler too.
Don’t have the rug appraised by someone who hopes to buy the rug. They are not valuing the rug. They are making you an offer, so you won’t get top dollar.
If you are hoping to pawn your rug then shop around. You may find a wide range of offers. Not all pawn shops have the relevant product knowledge.
A reputable antique rug dealer is able to provide you with advice about the origin and value of your rug. If it’s going to cost money to have a vintage rug appraised are there any signs that it might be worth something? There are some things you can check.
Persian rug prices were inflated when the U.S.A. embargo on imports from Iran came into effect in 2010. This lead to a shortage of Persian rugs. The market for Persian rugs within the U.S. is very healthy.
There are some signs of authenticity and value you can check.
Check the edge of the rug. If it has frayed and has already unraveled somewhat then this will need a repair. The value of the carpet will be diminished because of this damage and the cost of a repair.
A Persian rug or even a valuable rug from elsewhere will be handmade. Look at the back of your rug. If the pattern on the front is replicated on the back then it is handmade. There should also be slight irregularities in the stitching.
Check that the rug has not been painted. The color should go right to the base of each tuft. Rub a damp cloth on it to check no color comes off the rug.
Check for any indication of artificial aging. A real quality antique rug will not fade. Sometimes a fake rug is treated with chemicals to appear faded with age.
If you have checked your rug out for the signs of quality, you could have something worth taking to a professional appraiser or a pawnbroker. A simple verbal appraisal might be best and cheapest if you have some doubts about the rug’s value. Compare pawnbrokers offers before committing.
To learn more about antiques, click here.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles