What's It Worth?

Louise wrote - You astounded me a bit with your estimate that your fabric is worth more than $25K. It makes me wonder what my studio contents are actually worth - I did insure my equipment and supplies for $20K when I started at this location but may have to revise that upwards once the inventory gets completed.

IMHO $20k is a VERY low estimate. It's an eye opener, and perhaps good for us, to get an idea of how much our studios are actually worth. Just a guesstimate stops me in my tracks in terms of buying more things than I need.

After teaching Studio Makeover for years, I know that the amount of stuff in my studio PALES in comparison to the norm. While teaching, I saw pictures of studios that were impossible to navigate and met women who had entire fabric rooms, multiples of almost everything, and huge collections of fabric, books, and patterns. Many had more than one studio.




In fact - if I'm totally honest, which I usually am - it was teaching that class and seeing those pictures that encouraged me to continue limiting purchasing. As many of you know, I set physical space limits for the different ingredients in my studio. For example, the two fabric cupboards above are the maximum amount of hand dyed and cotton fabric that I will purchase. They are much fuller right now than when this picture was taken several years ago. Since then, I have dyed over 200 meters of fabric which was added to the total. I was able to do that because I had the space.




Another good example of setting space limits would be for yarn. I returned to knitting about two years ago. At that point I had very little yarn and almost no pattern books. Adding something to the studio meant (for me) taking something away as I don't allow myself to ooze.

In the picture below of the Work Island, the end where the chair is, is the shelf above which now contains my yarn. The baskets that were there were reorganized to new locations. Typically that means getting rid of things that I'm no longer using. For example, I gave away or sold older books in order to make room for the new knitting ones. I only allow myself the two shelves of books. I thoroughly clean my studio at least twice a year.

I know that for several of you this way of being sounds absolutely ridiculous. For me, it's not. There are so many good sales around and books I'd like to read and tools I'd like to try and new and luscious threads that would be fabulous to have that if I didn't have limits on my behaviour, it would be very easy to expand greatly. I'm not at peace with that idea either physically because I cannot stand clutter or emotionally in terms of responsibility to stuff and money spent - especially when I start adding up the numbers.

I've never done a complete inventory, but when I guesstimate, it reaffirms why to me it's really important to have limits and I'm glad that those limits help me to chose wisely rather than buy randomly. Here are just a few figures from my studio for you to contemplate in terms of how they might compare with your studio. What do you think your numbers would be? How would knowing those numbers change (or not) your behaviour?

Books - two shelves of 71 books each averaged at $40.00 = $5,760.00. I know that the least expensive book was $3.00 and the most expensive one was $118.00.

Thread - twenty jars with 42 smaller spools each averaged at $3.00 each = $2,520.00. The most expensive thread is $12.00 a spool and the least expensive is $3.00 a spool. A third of the jars contain specialty threads so the total is a low estimate.




Machines - Janome serger $650.00. Bernina 1020 bought used for $900.00 with an estimated replacement value of $3,000.00. Total replacement of machines = $3,650.00+ depending on how fancy a machine I choose and whether it is purchased new or used.




Fashion fabric - 350 meters averaged at $10.00 per meter = $3,500.00. I've been keeping swatches and fabric records for the past few years so I know exactly what fashion fabric I have and how much. I was surprised at how quickly the total added up. Since starting those sheets, I have been a lot more picky about the fashion fabrics I purchased. How much fabric I had was also an indicator that this was a part of my life that I wanted to be more important. I was buying fabric and patterns but not sewing fashions. Cleaning your studio can show you things about yourself that you hadn't realized.

Cotton fabric shelves - 16 piles at a ten year old price of $1,500.00 per pile = $24,000.00. There are also three boxes of silk and organza fabrics, two boxes of assorted scraps, two boxes of yardage for backings, and one box of children's fabrics. Each box is MORE THAN one pile in the cupboard so that's another 8 x $1,500.00 = $12,000.00 or $36,000.00 in total - again a low estimate.

Yarn - 195 balls averaged at $3.00 per ball = $585.00. I know that the least expensive ball was $2.00 and the most expensive was $17.00. In the yarn picture above, there are quite a few discount yarns. I've since learned to buy better quality. That's also something that space limitations taught me. If I'm only allowed X amount of space, I'm not going to fill it up with "junk" I won't use. If I find myself with a product that is not what I thought it would be, I sell or give it away to make room for something I really want.

LARGER Notions - one roll Warm & Natural Batting $300.00, one box 505 spray $192.00, one roll of Misty Fuse $200.00, one roll of ShirtTailer interfacing $100.00, one box of Sobo glue $96.00 for a total of $888.00. You can see I left a lot out.

Patterns - 146 averaged at $5.00 per pattern = $730.00. Many are Vogue and closer to $15.00 each. There are other sewing supplies like elastic, zippers, bindings, ribbing, etc that are not included.




Add to these totals the cost of the rotary and cutting equipment and the irons and pressing surfaces, plus the computer, printer, scanner, two monitors, the filing cabinet, and my computer desk, along with the dresser with drawers full of beading, writing, and painting supplies, and the dyes, paints, and dyeing supplies in the laundry room and the two baskets above, as well as the two construction desks and desk chairs, the work island, and the two fabric cupboards (the units themselves), and the button shelf with jars FULL of buttons that I didn't even count and you're looking at a total in excess of... $53,633.00. SO...

... it was a good guess when I told my insurance agent that the value of the room was between $50 and $75,000.00, most likely on the higher end because - as you can tell - I've been estimating low and there's a lot I haven't mentioned.

Do I feel guilty? Not at all. This is a lifetime collection. I've been creating for thirty-five years. At times creating has been my hobby and at times it has been my career. Always, it has been my sanity saver. Now, when my income is low and my available time is high, how wonderful to have this stash in place. Were I to lose it, I would definitely want to start over so having it insured is important however, right now, I'm simply grateful.

Talk soon - Myrna

Grateful: a stashed up studio