What is my shop worth? From a financial standpoint, about $2000 in raw materials, if you're talking replacement costs. From a scrap metal value, probably a quarter of that. From an emotional/personal value, priceless. I am in the process of setting up my first shop after a divorce four years ago; previously I had space at a friend's shop and had a number of tools that I lost in my divorce. I have a home built coal forge (30" x 24") with a large hood, Dayton blower, with a rheostat. I purchased a 122 Mousehole forge anvil, Columbian post vise, a homemade anvil stand (5/8" plate steel with a 1/2" wall schedule 30 steel pipe), a tool rack, a dozen or so tongs, a couple of French and German cross pein hammers, quench buckets, homemade treadle hammer, and will soon have an open air (enclosed on three sides) shelter (local zoning regs don't allow structures in residential areas to emit noxious fumes, soot, dust, or smoke).
I am not a blacksmith by trade, although some days, I think it would be more enjoyable than my 8am-6pm job. I have found that working with metal is very relaxing and much more cost effective than therapy for me after the initial start up costs, is very rewarding (I am making the decorations and various accoutrements for my upcoming wedding and reception), and a lot less dangerous than my job or other hobbies/endeavors.