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New reproductions can cost less than $1,000 or more than $30,00, depending on the piece`s complexity and material, how closely the reproduction mimics the original and how many copies will be made.

Will such imitations-even the best of them-appreciate in value?

”Only the very few that are exceptional will go up in value,” says Arthur Bailes of Chicago`s Arthur M. Bailes & Associates, which appraises decorative and fine arts.

”For the run of the mill,” he adds, ”there will be no appreciation whatsoever.”

The reproductions most likely to appreciate in value, Bailes says, are those ”copied from an original by a highly skilled craftsman on a limited-edition basis.”

Williamsburg reproduction furniture made by the Kittenger Co. was of that caliber, he notes. Kittenger encountered financial difficulties, however, and the collection now on retail floors is made by Baker Furniture.

”It looks as though Baker is trying to keep up the standards,” he says. High price should never be the sole criterion for making a purchase, he says. Buying strictly for investment is risky business.

”Apreciation,” Bailes says, ”has to be looked upon as a bonus.” Only those items with inherent craftsmanship and value will endure, he says.

”Buy the very best you can afford,” he says. ”It pays in the long run.”

It may be useful to compare a fine antique chair to one of those famous little suits created by Coco Chanel.

Only a few original Chanels remain. Costly and rare, they are found primarily in museums or in the hands of private collectors.

The style, however, is classic and as functional today as when Chanel created it. Modern consumers can choose from any number of look-alikes, depending upon budget. They may opt for current designer labels, such as Chanel or Adolfo, with four-digit pricetags; more moderately priced look-alikes from widely distributed brands; or those sewn by seamstresses down the block.

Basic material, attention to detail and quality of craftsmanship are the principal differences. What represents a better buy is an individual matter.

The same considerations apply in furniture. There are museumlike reproductions such as Colonial Williamsburg, Historic Charleston by Baker or Winterthur by Kindel. Like designer-label clothing, the price of furniture can be in the thousands, the result of duplicating exotic, sometimes rare, woods of the original, extensive carving and inlay work and attention to details such as hardware.

For a little bit to a lot less, there are a host of reproductions by commercial manufacturers such as Century Furniture, maker of the American Life Collection. Also stressing quality, these companies often choose to work with less intricate originals in less expensive woods. They also bring down costs by pricing to sell in quantity.

Finally, there are several cabinetmakers, whose work typically is found in small shops or at fairs. Like the local seamstress, the maker`s name is generally unknown, but consumers can be sure each piece has personalized craftsmanship and care.

Predicting the future worth of any reproduction is tricky, especially when considering the effects of daily wear and tear.

”If someone buys a piece of furniture with that intent (appreciation), he is making a serious mistake,” says Rod Kreitzer, president of Baker Furniture. There is no way of guaranteeing future art and auction trends, he notes, or of ensuring that piece will emerge after years of family use in the pristine condition preferred by collectors.

Fine reproductions are in demand, ”and the demand is increasing,” says Ben Dawkins, vice president of marketing for Hickory Chair Co. ”It`s timeless design. The cost of making furniture continues to escalate so you will never get it any cheaper if it is properly taken care of.”