This is a 19th century, circa 1880, Victorian era, red-velvet and carved wood settee or sofa. The 'puckered detailing' is technically referred to as button tufting. The red velvet upholstery was very popular in the 19th century Victorian era home. Unofrtunately, Victorian furniture is rather slumped on the market currently as the design trend is now Mid-Century Modern in homes. The estimate is based on actual recent past recorded auction sales of comparables.