I bought a very nice sweater at Nordstom Rack a few weeks ago. A really nice, brown, unbelievably soft sweater. With a small embroidered penguin. Then I washed in in warm water.
Now I have a sweater fit for a child's doll. It shrunk much more than you might think.
On that note, here are some pointers on how to deal with clothes you want to keep forever. Pointers from a die-hard metal fan. Enjoy.