This is an antique mahogany chair that dates to the late 19th century, about 1885 - 1895 and it is from the Victorian era. The Victorian furniture market is currently slumped. Pieces, even the original period pieces, do not sell for what they used to sell for a few decades ago. The market was further impacted by the Recession. The estimate is based on actual recent past recorded auction sales of comparables. Retail 'asking prices' can be higher and vary.