Ludden & Bates was a dealer's name. They never built pianos. Some were built by a company named Mathushek, some by Story & Clark, OEM, with the dealer's name on them. If the piano was built by Mathushek, it might be worth restoring to a rebuilder who likes them and just wants a pet project to play with. If not, no. The dealership operated for about 10 years, in Savannah, Georgia, between 1885 and 1895. Here is the shortest way I know to help you:
1. Yes, it's at least over 100 years old.
2. No, it has no antique value.
3. No, it isn't worth restoring.
4. Yes, a rebuilder might give you 100 bucks for it if it is a Mathushek, but I wouldn't count on it.
5. Yes, it would have to be totally restored.
6. Yes, I know they told you it just needed tuning. They are wrong.
7. After you spent the 6-10K it would cost you to have it restored, it might be worth 1K or so.
8. No, I don't recommend you spend any money on it.
9. Currently, it has a negative value, because it costs money to have it hauled to the dump where it belongs.
10. I'm not trying to be a smart aleck, it's just that we have to tell people this all the time, and I'm trying to come up with a quick way of doing it. We don't enjoy having to tell you this any more than you want to hear it.
What you have is landfill. If you need a piano, see if a dealer will just haul it to the dump free for you when he delivers a real one.
Life isn't measured by the breaths you take. Life is measured by the things that left you breathless