Antique Channelback Chair

Your 1920s channel back chair will bring $40-$50 at auction (low price because of the wear to the wood and torn upholstery).

Sadly the demand for upholstered furniture of this type and vintage is currently very low. I often see comparable pieces with damaged upholstery failing to sell at yard sales and put on the curb for free or at Goodwill stores under $25.00.

Nice chair. Unfortunately re-upholstering it would cost a fortune.
I'd donate it and use it as a charitable deduction on your tax return.