Waterborne finishes typically have little color of their own and can look pretty blah compared to the warm amber appearance of most oil based varnishes. It's often advised to use a coat of Sealcoat or other dewaxed shellac first to help impart that amber tone before applying the waterborne topcoat. I've done it myself many times but I wanted to see if it's universally true so I created some test specimens using several of the waterborne finishes I typically use. I used Arm-R-Seal as the oil based varnish benchmark.
From left to right on rift sawn white oak Arm-R-Seal, General Finish EnduroVar, General Finish High Performance, General Finish Enduro Clear Poly, Target Coatings EM-8000CV. The top half were given a coat of Sealcoat shellac first, then the the entire panel was finished with 3 coats of finish for the WB products, and 4 for Arm-R-Seal.
Sealcoat actually slightly lightened the look of Arm-R-Seal. It had little effect on EnduroVar and EM-8000CV; might have shifted them slightly red. It was only on the the very clear waterborne products of High Performance and Enduro Clear Poly that Sealcoat had a measured impact and definitely made them look more like Arm-R-Seal. Of the products I tested, EM-8000CV looked most like Arm-R-Seal straight out of the can. I also found it surprising how much darker EnduroVar was compared to Arm-R-Seal.
Next I looked if I could approximate the look of Arm-R-Seal by adding dye to a waterborne, specifically GFs High Performance. From left to right, the Arm-R-Seal and HP specimens from above, then HP with one drop of Transtint Dark Vintage Maple in 30 mil of finish, and on the right HP with 2 drops of Transtint Honey Amber in 30 ml of finish. For the right two specimens I applied one coat of the toner then two additional coats of HP straight from the can.
The results show that the HP + Dark Vintage Maple looks a lot like Arm-R-Seal. You can extrapolate that you can create any color you want by which Transtint you choose and how much you add. Of course, dying the wood first would get you there, too. The point is some waterborne finishes are pretty bland, but you can push them towards the look of oil based varnish, and beyond, by adding dye to them or first dying the wood.
I looked at Sapele, too.
From left to right: Arm-R-Seal, EM-8000CV, GF's Enduro Clear Poly:
And here we have EnduroVar, SealCoat shellac + EnduroVar, and SealCoat shellac + EM-8000CV
On Sapele SealCoat brightened the appearance of EnduroVar and EM-8000CV slightly. EM-8000CV looked more like Arm-R-Seal than GF Clear Poly, but GF's EnduroVar looked more like Arm-R-Seal than Arm-R-Seal! Stunning, with or without SealCoat first.
Overall, SealCoat shellac can sometimes give you the look of an oil based varnish when applied under a waterborne topcoat. But there are other ways to adjust the color. The little study I did with Transtint dyes shows you can match the color pretty easily, and you also can get any color you want. Finally, some waterborne products look every bit as rich and vibrant as oil based varnish on some woods straight from the can; EM-8000CV on white oak and EnduroVar on Sapele being the two from this study that did that very well.
John