It is a brass quilt rack, designed to hold three quilts. It was priced at about $80 (with sales tax) so I decided it had to come home with me. It is perfect for our mostly traditional decorating style.
Here it is in the bedroom with some of my quilts...and a view from the top.
Right now, it is in front of a window so I need to do a little rearranging so I can move it out of direct sunlight. I think I can even squeeze a couple more quilts on it.