Expert: robert klein - 9/10/2009

Question
QUESTION: Hi,

I found this chest in my attic a few months after purchasing a home.  It is a Lance Cedar Chest that dates to 1929.  I found this out by contacting Lane and giving them numbers on the bottom of the chest.  It seems to have been painted at one point to this green color, but the natural wood seems to be coming through in different areas.  First, any idea on what it would cost to refinish it?  Also, what is a fair value on a chest like this?  I have sent other images to your email.  Thanks for your help.

    Mike

ANSWER: thanks for the pics.  nice chest.  typical 1920s-30s styling.

as is it would sell for 50-100, to refinish would be around 650.  then it would sell in a retail shop for 450.  a new cheapo lane particle board chest with thin veneer on it costs 700 new.

this one is walnut veneer over a lumber or ply core.  the core wood is either sweet gum or tulio poplar.  the paints were applied over the old finish which makes it somewhat easier to have the paint removed.  the interior would be sanded to freshen the cedar smell.

tell me where you live and maybe i know someone in the area that has the skills and knowledge to do this for you properly.  a poor job will not be a good thing and will devalue the item.

bk

---------- FOLLOW-UP ----------

QUESTION: Hi,

My jaw dropped when I read how much it costs to refinish.  It would cost $650 to make it worth $450?  I don't have any interest in selling it, but it makes me wonder if it's worth refinishing it.  I really like it though and would like to take it out of the attic and use it.  I live in northern New Jersey.  If you know of someone in the area who is good, please let me know.

    Thanks,
    Mike

Answer
value and worth are fluid, nothing has set value until someone pays for it or buys it.  insurance replacement value is one thing, real world sellign price is another, auction is another, and shop price another.  you will find that it is typical that restoration costs many times exceed what you can sell something for n the real world.  But think about this, You go to a retail outlet, be it a grocery store, merchantile store or car lot, and make a purcahse and pay your hard earned dollars.  now you try to sell what you have bought and cannot get close to what you paid....

what it gets down to is if something is worth the money to you.  would you rather have the item or the cash.  I have restored, repaired and refinished many things that would not be 'economically' a good investment but there are other factors.  Your chest for example, i know what it will look like done and know that you cannot get a new one or have one built for the money you may put into restoration.  it is a decision we all face when spending on non-essential items.

This is not to say that you can get it done for 200 but i would be afraid to see the results of that job.

Jon Szalay
First National Antiques of Barnegat NJ
708 W Bay Ave
Barnegat, NJ 08005
Phone: (609) 698-1413

Peter Salamonski
http://www.antiques-repair.com/

I know both of these men and can vouch for their work.  If you should contact them tell them that i have seen the pictures of the piece if they wish to verify anything.  

bk