Posted by Jim Sutter on Thu, Jul 01, 2010 @ 07:36 PM
When antique furniture is inherited, it's not uncommon for most people to wonder about it's value. Everyone secretly wishes to find some incredible treasure in the attic. Of course, some furniture, which may have been in the family for years may have intrinsic value based upon its history. Other pieces may have true value based upon factors that may seem obscure to the casual observer. 
The television show Antiques Road Show, has popularized the notion that there must be a fortune lurking in one of those aged tables or dusty, tattered chairs. However, not every older furnishing valuable, and not every person who inherits furniture has the opportunity to find competent antique valuation services. Reliable resources to determine the value of antiques is important to collectors, investors and casual buyers of antiques.
The single most important factor in determining whether to restore antique furniture or refinish antique wood furniture is the value.
Refinishing antique furniture is an art, and it's something that should be done by a professional. While it may seem tempting to pick up a product at the local Lowes or Home Depot be aware that you could be greatly reducing the value of the piece. Restoring wood furniture is an art that JC Wood has practiced for years. We understand how to refinish furniture and restore wood while preserving it's value. Before deciding whether to attempt to restore the wood yourself, have a professional craftsman evaluate it for you. (We offer this service at no charge).
Just as in Kelly blue book, antique furniture is subject to different categories of valuation. These multiple tier values for antiques are based upon who is the purchasing agent. Here is an explanation of what these levels of pricing are:
1. Insurance Value.
Insurance value is generally the highest retail value of an item. It is the replacement cost of the antique if it is stolen or destroyed. The insurance value is a formal appraisal that is put in writing.
2. Fair Market Value
Fair market value is the price a buyer and a seller agrees upon when neither one is under any pressure to buy or sell the item. Both parties need to be aware of any relevant information and facts about the particular item.
3. Estate or Tax Value
Estate or tax value is determined by the IRS by averaging the actual auction prices of similar items.
4. Retail Value
Retail value, or retail price, is the price an item sells for at an antique shop.
5. Wholesale Value
Wholesale value is the price that an antique dealer generally pays for a piece. It is approximately 1/3 to ½ less then the item would sell for on the secondary market.
6.. Auction Value
Auction value - the open market price the item would generally sell for when neither the buyer nor seller is in a forced sale position.
Most of these values are given in a dollar range rather then a specific figure.
If you are located within the Chicago metro area, and have a question regarding inherited furniture or possible antique furniture, whether it's restoration or valuation, the experts at JC Wood are available to guide you. Although we are not licensed appraisers, we can connect you the the appropriate professional.