Persian Rug

[Watchvirgin]

Hey all, haven't been around for a while as far as communicating. I come and see what is for sale from time to time. So, my father in law just gave me a Silk Persian Rug that I don't really want. I would have rather taken a Rolex!

Any suggestions on how to trade or sell this thing? I know they appreciate like watches but that about all i know. I got it appraised yesterday for $21,000 and at the same time the dealer offered me 9k for it. I thought I would be stupid to accept that.
What do my fellow TRF brothers and sisters think? Where to sell or trade this thing?

Any info would be appreciated!!

[bayerische]

I would keep it.

My wife loves them.

And you don't sell a gift.

[Watchvirgin]

Originally Posted by bayerische

I would keep it.

My wife loves them.

And you don't sell a gift.

I know but we have 5 rugs already. He said "do what you want with it." My wife wont allow me to take 15-20k for a new watch, so this is why i want to sell it!!

[Kingair]

Originally Posted by Watchvirgin

I know but we have 5 rugs already. He said "do what you want with it." My wife wont allow me to take 15-20k for a new watch, so this is why i want to sell it!!

Hahahaha . . . not an easy solution . . .

If Mrs say go ahead . . . sell and get the new Rolex . . . now . . .

Good luck

HAGOne

[Watchvirgin]

Originally Posted by Kingair

Hahahaha . . . not an easy solution . . .

If Mrs say go ahead . . . sell and get the new Rolex . . . now . . .

Good luck

HAGOne

I know! Need to get it out before she changes her mind!

Originally Posted by bayerische

OK, I see...


I thought it was your first.


Buy a bigger house?


I guess best bet is to get it sold to a rug dealer, but I'm sure you won't get anywhere near to the 21K from them... I'm not sure I would buy one of those rugs from a private individual, I would most likely go to a store that sells persian rugs.

LOL! The dealer offered me 9k, I want to sell it but I'm not stupid!!
The irony of the entire thing is that my father in law has two rug stores in NY! FML, I think I will need to keep this thing.

I am itching for a new watch sooooooo bad

[bayerische]

OK, I see...


I thought it was your first.


Buy a bigger house?


I guess best bet is to get it sold to a rug dealer, but I'm sure you won't get anywhere near to the 21K from them... I'm not sure I would buy one of those rugs from a private individual, I would most likely go to a store that sells persian rugs.

[Beek]

One of my friends bought a couple of silk Persian rugs for his house a few months ago. Prices seem to be quite low at the moment, so under the circumstances I think $ 9k is not unreasonable.

[Watchvirgin]

Originally Posted by Beek

One of my friends bought a couple of silk Persian rugs for his house a few months ago. Prices seem to be quite low at the moment, so under the circumstances I think $ 9k is not unreasonable.

I would say the same thing but if i hadn't got it valued by someone in DC for 21k. Im not hurting for the cash just want to take care of my drug addiction, a WATCH ON MY RIGHT WRIST

[teqp]

You can always try Craigslist and see if you can get more than the 9k you were offered.

[Watchvirgin]

Originally Posted by teqp

You can always try Craigslist and see if you can get more than the 9k you were offered.

with the scammers on craigslist I don't have the balls or patience

[DoxaDavid]

Originally Posted by Watchvirgin

I would say the same thing but if i hadn't got it valued by someone in DC for 21k. Im not hurting for the cash just want to take care of my drug addiction, a WATCH ON MY RIGHT WRIST

Lets start with your appraised value which frankly isn't worth anything other than to give you a basis for your insurance, not resale market. Would the appraiser purchase the rug for $21K? I bet not so don't get hung up on thinking it would sell for that. My family owned a new car dealership for years and I used to hear people all the time come in and say, "I went to the bank or Kelly Blue book said my vehicle is worth XXXX." The used car manager used to say, will your banker write you a check for XXXX? Well... no they would say. Then their appraisal is worthless for the most part.

Something is worth what one party is willing to pay and another is willing to sell. This rug dealer who offered you $9K is looking to make a profit and typically they start by doubling the purchase price and negotiating from there based on what they believe demand will be. Depending on color, pattern, region and age of the rug will truly determine its worth.

As a private seller, you will not command as much as a rug dealer may get and will have a harder time finding a buyer. You can always try EBay or Craigslist but I think you will find the difference between what the rug dealer offered you and your end sales price will not be much if any.

If it was me, I would look to get two other offers from dealers and negotiate the best deal. Another dealer may have a client in mind and offer you $10-11K or more. Maybe others will offer you significantly less.

With this information, you will then have a decent idea as to its wholesale value then can decide what to do. Another option would be to put it on consignment with a rug dealer and see if you can get more but this can be a lengthy process.

Good luck and yes, let's see a pics!

[Watchvirgin]

Originally Posted by DoxaDavid

Lets start with your appraised value which frankly isn't worth anything other than to give you a basis for your insurance, not resale market. Would the appraiser purchase the rug for $21K? I bet not so don't get hung up on thinking it would sell for that. My family owned a new car dealership for years and I used to hear people all the time come in and say, "I went to the bank or Kelly Blue book said my vehicle is worth XXXX." The used car manager used to say, will your banker write you a check for XXXX? Well... no they would say. Then their appraisal is worthless for the most part.

Something is worth what one party is willing to pay and another is willing to sell. This rug dealer who offered you $9K is looking to make a profit and typically they start by doubling the purchase price and negotiating from there based on what they believe demand will be. Depending on color, pattern, region and age of the rug will truly determine its worth.

As a private seller, you will not command as much as a rug dealer may get and will have a harder time finding a buyer. You can always try EBay or Craigslist but I think you will find the difference between what the rug dealer offered you and your end sales price will not be much if any.

If it was me, I would look to get two other offers from dealers and negotiate the best deal. Another dealer may have a client in mind and offer you $10-11K or more. Maybe others will offer you significantly less.

With this information, you will then have a decent idea as to its wholesale value then can decide what to do. Another option would be to put it on consignment with a rug dealer and see if you can get more but this can be a lengthy process.

Good luck and yes, let's see a pics!

Great info and appreciate the words! Knowledge is key in these situations! I realized how informative people on TRF are. From all walks of life and regions we come together and help one another!

Cheers to everyone here!!!!

[Mar122]

The amount you can get for it is dependent on how big it is, where in Iran it was made, and how fine the stitching/ thread count is.
Sometimes, the smaller the rug is, the easier it is to sell because not everyone has room for a bigger rug in their house.
Good luck and post some pics if you can, I love hand made Persian rugs!

[JohnBoy]

One thing, that Persian carpet in silk might just appreciate in value - they were pretty hot items up until the economic downturn. Sadly...the watch won't....unless you are planning on buying a very rare one. However, I can sure understand the need for a sweet watch! Luck!

[drockadam]

Sell the rug, and get something you can wear!!

[Dr.Brian]

If he appraised it for 21 and offered 9, I'm guessing it might actually sell for ~12. Price varies tremendously based on age, size and the quality of the work and pattern complexity. And don't forget damage and/or repair work. There are a lot of rugs for sale with pattern errors.
What's the size, and how about a photo.
BTW, prices did go down several years ago. The shops ask for the sun and moon, but only the finest examples command top dollar. My in laws have one in every room, hallways, etc. of course they're Persian. With kids and pets, I don't want expensive art on the floor. Though we do have one in the formal living room, and several machine made elsewhere. I want to buy two matching/coordinating antique silk rugs and hang them on the walls of my entry hall. That's a tall order, and I've yet to find two that I want.

[Watchvirgin]

Originally Posted by Mar122

The amount you can get for it is dependent on how big it is, where in Iran it was made, and how fine the stitching/ thread count is.
Sometimes, the smaller the rug is, the easier it is to sell because not everyone has room for a bigger rug in their house.
Good luck and post some pics if you can, I love hand made Persian rugs!

The appraisal says : Persian, 6.4x9.10, Qum, Red blue, Silk, NEW

Originally Posted by JohnBoy

One thing, that Persian carpet in silk might just appreciate in value - they were pretty hot items up until the economic downturn. Sadly...the watch won't....unless you are planning on buying a very rare one. However, I can sure understand the need for a sweet watch! Luck!

Thanks!

Originally Posted by drockadam

Sell the rug, and get something you can wear!!

Thanks what I'm talking about man!!!!!

Originally Posted by Dr.Brian

If he appraised it for 21 and offered 9, I'm guessing it might actually sell for ~12. Price varies tremendously based on age, size and the quality of the work and pattern complexity. And don't forget damage and/or repair work. There are a lot of rugs for sale with pattern errors.
What's the size, and how about a photo.
BTW, prices did go down several years ago. The shops ask for the sun and moon, but only the finest examples command top dollar. My in laws have one in every room, hallways, etc. of course they're Persian. With kids and pets, I don't want expensive art on the floor. Though we do have one in the formal living room, and several machine made elsewhere. I want to buy two matching/coordinating antique silk rugs and hang them on the walls of my entry hall. That's a tall order, and I've yet to find two that I want.

Ill post a pic in a few minutes! If you want I can see if he has any matching wall pieces. They own a store on 5th ave with mountains of rugs! I'm just not in that field but can probably help get you a good price (not just talking sales or shady sales man). I would have nothing to gain.

Ill try and post a couple pics now!

[Watchvirgin]

[Mar122]

Originally Posted by Watchvirgin

That's a beauty!
Generally speaking, where a rug is made in Iran has a substantial impact on its price. For silk rugs, only a few provinces even make them. The ones that come from Tabriz are usually the highest quality and the most desirable. ( I've seen some that would make a Van Gogh look like a child's painting)

The ones made in Qom are also really high quality but not quite as high as Tabriz, for the most part.

Yours has a good size to it and it's not too big so it's an easier sell but I don't think anyone would pay $21K for it. On a good day, a major dealer might get up to $15k for it.

[Watchvirgin]

Originally Posted by Mar122

That's a beauty!
Generally speaking, where a rug is made in Iran has a substantial impact on its price. For silk rugs, only a few provinces even make them. The ones that come from Tabriz are usually the highest quality and the most desirable. ( I've seen some that would make a Van Gogh look like a child's painting)

The ones made in Qom are also really high quality but not quite as high as Tabriz, for the most part.

Yours has a good size to it and it's not too big so it's an easier sell but I don't think anyone would pay $21K for it. On a good day, a major dealer might get up to $15k for it.

Really appreciate the info! I hope that "good day" comes soon. My wrist is itching for some gold!!!

[Mar122]

Originally Posted by Watchvirgin

Really appreciate the info! I hope that "good day" comes soon. My wrist is itching for some gold!!!

No problem! And who doesn't want some gold?

[chicfarmer1]

Originally Posted by Watchvirgin

I know they appreciate like watches but that about all i know. I got it appraised yesterday for $21,000 and at the same time the dealer offered me 9k for it.

Two problems. Rugs don't categorically appreciate--you cannot imagine the number of rugs that are out there in the market, globally, and only a segment is collectible and valuable. Second, no honest appraiser also offers to buy. You have experienced something unethical. No way is this person a member of a recognized appraisal association.

Rugs of your size and age and manufacture have a limited market for resale, not for collectors and strictly decorative. Don't take that the wrong way--it can be gorgeous and in great condition but have limitation in the market for a variety of reasons.

The rug trade is highly specialized. Find a real dealer and put it on consignment if you want to realize the most from it, certainly better than an outright buy. If you don't have the patience, sell it for a good solid offer from a real buyer.

[Watchvirgin]

Originally Posted by chicfarmer1

Two problems. Rugs don't categorically appreciate--you cannot imagine the number of rugs that are out there in the market, globally. Second, no honest appraiser also offers to buy. You have experienced something unethical. No way is this person a member of a recognized appraisal association.

Rugs of your size and age and manufacture have no collectibility (i.e., actually something rug collectors go for) and are strictly decorative. Don't take that the wrong way--it can be gorgeous and in great condition but have limitation in the market for a variety of reasons.

The rug trade is highly specialized. Find a real dealer and put it on consignment if you want to realize the most from it, certainly better than an outright buy. If you don't have the patience, sell it for a good solid offer from a real buyer.

Great advice! I will have it looked at again!

[Trouble15]

I actually think the rugs are great looking. Have two myself. Enjoy the beautiful gift!

[Stoner319]

Was it an "insurance" appraisal or one for a "retail" value? General rule of thumb when you get something appraised for insurance ESPECIALLY antiques and jewelry is that dealer wholesale is 25%-30% of the value and often even less. And the retail price the dealer would ask is often 60%-75% of the insurance value.

Ususally if an antique is appraised for insurance it is for considerably more than it's current retail price.

[Watchvirgin]

Originally Posted by Trouble15

I actually think the rugs are great looking. Have two myself. Enjoy the beautiful gift!

It is really nice looking. I love having rugs in the house.
Who knows, I will probably end up keeping it!


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[Watchvirgin]

Originally Posted by Stoner319

Was it an "insurance" appraisal or one for a "retail" value? General rule of thumb when you get something appraised for insurance ESPECIALLY antiques and jewelry is that dealer wholesale is 25%-30% of the value and often even less. And the retail price the dealer would ask is often 60%-75% of the insurance value.

Ususally if an antique is appraised for insurance it is for considerably more than it's current retail price.

I'm not sure. I went in there asking for an appraisal. It may in fact be an insurance appraisal. From what I am understanding I should probably have someone else take a look at it as well. Not that you guys are that interested but I will let you know the outcome.


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[JasoninDenver]

How about checking into any local shop s that take stuff on consignment? Might be able to get a better split than $9,000.00 offer if you are willing to wait months, and months, and months....

If it were me, I would sell it now for the $9,000.00 and be done.

[Watchvirgin]

Originally Posted by JasoninDenver

How about checking into any local shop s that take stuff on consignment? Might be able to get a better split than $9,000.00 offer if you are willing to wait months, and months, and months....

If it were me, I would sell it now for the $9,000.00 and be done.

I am looking into that, thanks for the advice. Never done the "consignment" thing!

[East Bay Rider]

It's a very nice rug and a very generous gift.