From watching too many episodes of Pawn Stars, everything is better in original condition, though refurbished means more likelihood of being able to be sold because it makes the item prettier to the average person -- if you're not selling, then why care? Just make it look good for you. Depending on what's wrong with it, like upholstery, you could take it to a place that does that -- upholsterers for upholstery, carpenter for the wood, etc etc. There might even be a company, like the one that originally made it (if there even was one -- maybe it was hand-crafted?) to contact. Or... take it to Las Vegas and see what Rick will give you for it.

Serleran - Yeah, I'm a Pawn Stars fan myself, which is exactly why I asked. Evidently some items (like the old Coke machines they come across every other episode) are more sought after if completely restored, while gun aficionados want a nice coat of rust on their Colt equalizer, for whatever reason. From what little research I've been able to do via the Internet, there were around 500 sleigh manufacturers in operation around 1900. Unless I find some kind of maker's mark (I haven't yet), I have little hope in figuring that aspect out.

JohnGaunt - I agree. I've refinished a good amount of old furniture, and sandpaper is definitely not the way to go on the wood. I'm still debating whether to leave the original paint job, since there is a fair amount left and doesn't look too bad (and there are nifty designs in red and gold I wouldn't be able to replicate). On the ironwork, however (which has a thin coat of rust), of which there is a goodly amount (struts, runners, etc.), I'm tempted to use a coarse steel wool, just to take off the worst of the crumbly rust. I did a very small section of one support already, and the rust is only a few millimeters thick, which I take as a good sign.

Thanks for the input so far. I think my first decision needs to be whether to repaint. That will likely dictate how much and what kind of carpentry work, etc.

EDIT: My apologies; I meant to post this in the off-topic thread, but obviously I somehow botched that.