apartment therapy changing the world, one room at a time

I would wait! It's kind of cool in it's current state and your friend may or may not be right about it being worth something. I bought a sofa and matching chair 4 years ago from St. Vinnie's. I knew it was nothing famous but I could see a diamond on the rough. Sadly I couldn't afford to get it redone right away. I thought about reupholstering it myself to save money. I was going to have slip covers made but in reality what I truly wanted was a complete reupholster job with new cushions and all. Everytime I thought about something I could to do to my embarassing sofa and chair I would take that money and squirrel it away. I am happy to report I finally had it completely redone this last month. It was worth the wait and every penny I spent to have it done. It's done right! And exactly the way I had always envisioned it.

If you don't want to wait you can have someone just replace the caning. That shouldn't cost too much and then just refinish it yourself. Take some photos and shop it around.

Professional restoration often costs more than the piece is worth. It's only worth restoring a flea market find if it's something valuable-but-fallen-on-hard-times or something unusual that you really, really love.

If the cane back is machine cane, with a spline holding the cane in place, it should be fairly easy/cheap/quick to replace. You use the new spline (and white household glue) to hold the sheet of machine-made cane in the groove. I've done a couple of seat and backs of chairs for about $20 in supplies each (caningshop.com). If you can see the holes in the chair back that the cane goes through, then it's woven cane (think a round bundle of reed). More difficult and very time consuming since you're going to have to literally weave the back, but still do-able.
If you don't want to tackle it, there might be a weaving store in your area that would do it for you. Be warned that if they have to weave it, it's going to cost $$$.
Also, if you're gonna fix the finish on the chair, I'd start with that before the cane.
Good luck!

look up a upholstery or woodcraft store and see how much a piece to fit the cane part would be, they sell cane by the sheet, and you just put it in like screen on a door or window. then just reupholster your material seat, and sand and restain the same color stain, remember stain comes with sealer combined. it is east , now that all is so available for the do it yourself.
good luck
toni

Dusty myers has the best advice.

Dusty is right but if you want a quick fix. I would just recover the seat for now. Find some inexpensive fabric in a darker tone than the wood. I bet you can find a piece for as little as $10. All you need is a staple gun or borrow one.
A simple black chenille with a small tick of color in it would be perfect. A bright red or orange would also be great. Yardage stores remnant bins. You walls are white and the contrast of the darker colors will give it a nice impact.

Michele