Good afternoon, Matthew,
Thank you for submitting photographs for appraisal at MEARTO.
Your rattan settee appears to be upholstered in velvet. W & J Sloane made furniture in New York City from the mid-19th century until the 1980s but this was probably made in the 1940s. From the photograph of the back I can tell that there are some losses to the caning and this negatively impacts the value a little but it is not so extensive to warrant recaning it. As long as the caning in the seat is sound, there is no reason you should not use and enjoy this piece of furniture. There is some demand for this kind of furniture in the market, though prices for it are not as high as they once were.
I hope this information is useful to you. Please let us know if you have additional questions or concerns.