I have been going through the process of cataloging my possessions for a while now. I read about a great tool in the comments on Get Rich Slowly. It's a website called knowyourstuff.org It's great. It gives you a place to catalog and document (with receipts, images) your stuff. Obviously this will be great in the case of a fire or another catastrophe. I entered most of my stuff and even looked up the original prices from my credit card records for a lot of them. Like my wardrobe, a lot of my furniture is hand me downs, including:
My coffee table and side table
My kitchen table
My lamp (my mom bought it for me when I was young)
Except for my fancy bedroom furniture that I bought last year, the rest of it is mostly Ikea or of equal cost and quality. I do like most of it, so it doesn't really bother me. My couch is too big for my living room, but it is soooo comfy I refuse to give it up. At least not yet.