Do You Know How Much Your Inherited Furniture is Worth?

Published: October 15, 2022

When it’s time to value your recently acquired heirlooms, the process can be discouraging and overwhelming for those without extensive knowledge of the market. Numerous factors affect antique furniture values, and many people end up making costly mistakes. Follow this guide to learn how to get an accurate appraisal of your antique furniture’s value.

Examine the Furniture

If you’re ever unsure about a piece of furniture’s style or name, write down some general descriptors. Also, assess the damage, including scratches, stains, and cracks, and take clear photographs from different angles. Be sure to take photos of labels or maker’s marks and inspect the piece for any signs of prior repairs (such as a new screw replacing an old one).

Don’t Touch the Furniture Until It’s Appraised

You might be tempted to spruce up an old piece of furniture when you receive it but resist the urge! Until you know what you’re dealing with, hands off the furniture! Any attempted repairs or cleaning could lower the value of your piece.

Classify Antique Furniture by Value

Retail Value

The “fair market value” is what a buyer would be willing to pay from a dealer. This value is mostly used in insurance appraisals.

Wholesale Value

Antique furniture dealers will give you the item’s wholesale value if you’re only looking for an estimate, which is anywhere from 30%-50% less than the retail price. They offer this reduced rate so they can still profit from selling it.

Auction Value

Antiques from estates are often valued by auction houses, attorneys, and the IRS using the “auction value.” This refers to what an item is estimated to sell for at auction.

Find Similar Values

Reading books on the subject is a great way to learn about antique furniture identification and valuation. You can find these books at your local library, bookstore, or online.

Get Appraised

Appraisals are the best option if you need insurance for your item or think it might be worth a lot of money. Online appraisals can act as first thoughts or second opinions, but keep in mind that they aren’t always qualified.

Decision Time

Got your appraisal? If you like your piece and want to keep it, that’s always an option. You could sell it through an online auction service or a consignment store. Some people prefer to donate the item too. It all comes down to personal preference!

Or you could store it with UNITS Moving and Portable Storage of Northeast Ohio. Our climate-controlled facilities will keep wood furniture safe so that it will not be damaged by temperature or humidity. Now that you have a glance into the world of antique furniture, we hope you find what you want!