From the thumbnail images, this appears to be an antique, 19th century, about 1890, Victorian era, Eastlake style chaise lounge sofa with a fold-out bed component. 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 for catalogue auction sale and is based on actual recent past recorded auction sales of comparables. Retail 'asking prices' can be higher and vary. Insurance and estate tax purpose appraisals will also vary and are not provided here.