How to Value Furniture You’ve Inherited

Published: August 15, 2022

Maybe it’s the childhood chair you loved to climb on. Perhaps it’s a chest of drawers with amazing carvings. Whether you enjoy or despise antiques, one thing is certain: some old furniture can be very valuable. However, when it comes time to value your inherited goods, the process may be overwhelming and unpleasant for someone without extensive market expertise.

Many things affect antique furniture values, which is why many people make costly mistakes. For example, we’ve all heard stories of people who kept priceless antiques hidden in their attics for decades! They may have thought that an old rocker was worth a fortune when it was actually worthless—or worse, they could have thrown out something that was so valuable it could have paid for their kids’ college educations.

Examine the antique furniture in question

An antique chair with a rare fabric or an artist’s signature can be worth more than a regular piece of furniture. Even what some might see as “mistakes,” like early pressings from the Beatles that credited songwriters as “Lennon-McArtney,” sold for over $19,000 at auction! Therefore, the first step to understanding any inherited furniture’s value is to assess it thoroughly.

Don’t touch the furniture until you know its value

You might be inclined to renovate an antique piece of furniture when you either plan to appraise and sell it or bring it into your home. In both cases, the piece could use some modern touches.

Before you attempt to clean any antique furniture, it’s best to get a professional opinion on the piece’s value. It can be difficult to decide how best to restore or repair a piece of furniture without knowing its worth. A qualified appraiser or antique dealer can tell you if repairs would increase the overall cost and give restoration guidance (or referrals).

Know the types of antique furniture values

When you value vintage furniture, there are a few different price points to keep in mind, depending on your end goal with the piece. These prices can vary widely, so it’s important to familiarize yourself with them before trying to sell any pieces you may have inherited:

Retail Value — This price represents the highest amount a dealer may expect to obtain for your jewelry. This is the most valuable of the three, and achieving it requires considerable effort.

Wholesale Value — If you go to a furniture dealer seeking the antique piece’s value (without having an appraisal done), the price they quote you is likely to be wholesale.

Auction Value — Antiques that are inherited are often valued by auction houses, attorneys, and the IRS based on their auction value. Auction value estimates how much a particular item will sell for at auction. It’s usually less than what you would pay retail but more than wholesale.

When in doubt, have the furniture appraised

Often, it’s less of a headache to leave the evaluation of your antique furniture to people who do it for a living. Although, you should remember that since appraisers are not licensed, anyone can say they’re one. Given that these services come at a cost, you might want to use the abovementioned methods and try investigating yourself before springing for someone else to do it. That said, there are still certain instances where an appraisal is non-negotiable – like needing insurance documentation or thinking your piece may be worth quite a lot monetarily.

UNITS Moving and Portable Storage of Northern Virginia can help you find the ideal unit for your unique needs. We have storage units of various sizes, so there’s always one available for your antique furniture. Get in touch with our staff immediately to discover the ideal storage space for you.