The Policy, behind refinishing. is changing if it's done right, there is no harm. it will only inhance the value. That quote was from the Keno Brothers. Top Appraisers in the U.S.A. 17th century,Antiques should not be touched.

Try that "restore-a-finish" stuff, but just on the top.

The whole "refinishing will destroy the value" is a misconception ... unless you have an authentic Chippendale with its original finish on it, a museum-worthy piece, a good refinishing job is better than a finish in poor condition.

BAD stripping and refinishing, or slapping a coat of that horrible chalk paint on something will decrease the value of something compared to leaving it untouched.

The top is the "as-found" finish. The bottom is after careful stripping and cleaning. Which one is closer to the original 1850s look?

NOT an expert but you should DEFINITELY find out if it has any serious $$ value before doing anything to it.

That looks like it might be a lacquer finish on the piece. That also looks like it might be mostly water damage. If so, you might be able to rescue the finish on the top with a little lacquer thinner. Dampen (not wet) a rag with the thinner and rub a damaged spot lightly. If you see a change, keep going -- but don't rub hard and don't use too much thinner. The thinner will remelt the lacquer, smooth it out, and get rid of the white spots. It will also eliminate some of the scratches and crackling.

It the thinner and rag work, but not well enough, you can move on to thinner and 0000 steel wool. Again, proceed cautiously. You don't want to remove the finish; you want to redistribute it.