Upholstered arm chair

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Description
Made by Murdock & Wilcek Finer Maid in Los Angeles Owned by my grandmother who lived in Beverly Hills in the 1920’s. Wondering if it from: 1. Prior to her marriage in 1920, being owned by my great-grandparents 2. Purchased after married when she and grandfather were very wealthy 3. Something she bought at a thrift store after grandfather lost their fortune in 1945 Which scenario seems most likely?
It was reupholstered in the 1990s.
Condition
Fair
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