I would think this started life as a games box - the centre rectangular compartment may have held a pack or several packs of cards, while the other compartments could be for counters, chips, games pieces. The size suggests a games box rather than a jewellery or sewing box. There would probably have been a mother of pearl escutcheon (and as you say a key). I would think the fabric pieces have been added later, as something to keep jewellery safe rather than pinning things on, as it seems the depth of the lid would not be enough to allow this.
To be honest boxes like this are not very useful these days - once they were collected for their decorative appeal but as such they are very much yesterday's antiques. They turn up at B&M auctions all the time and have to have some special features (like brass mounts or unusual inlays) to attract much interest. It is a pity the most appealing aspect of this (the compass point inlay) is inside the lid. To me the size and depth of the small compartments make it hard to imagine what could be kept here, but hopefully someone will think it is just what they need for their trinkets / nicknacks.
Price? You could look at some sold / completed items - antique wooden boxes - I would think a start price $75-85 would be fair - you could always go lower. Good luck.
