The type of lacquer would be as important as how it is applied. If you are finishing wood that is light in color a nitrocellulose lacquer will yellow in color over time and end up looking bad. Assuming the wood is light I would seal the wood with a vinyl sealer and topcoat with a pre-catalyzed lacquer with a sprayer. I like to sand the finish between coats on the lathe. A pre-catalyzed lacquer would remain clear. You could also use a cab acrylic lacquer.
Within the last year, I had the privilege of meeting someone who I consider an excellent turner. This person has pieces in a few books, some on permanent display in at least one museum, and his work sells for high dollar.
I am a wood worker, I would say a B- wood worker. But, I am very careful with finishes. It is my opinion the finish should show the work not the finish. A finish may "pop" some wood grain or figure, but should not effect the color.
This person I met had a large number personal pieces they had kept over the years. One of the saddest thing I noted was that some of the lacquered pieces had color shifted into the yellow over the years. The type of lacquer used changed color over the years. You could almost date the pieces by amount of color shift. I asked what kind of finish and they said lacquer. That is all I know
I would say make sure of how your lacquer will age and how it could effect the color(any finish for that matter).
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