This is the sort of finish I aim to achieve on an almost daily basis, making Arts & Crafts style furniture, in oak, for a living as I do. And often for clients with a large collection of original oak A&C furniture already.l
I almost never use water based products. I don't like the way it raises the grain. Sanding, even light denibbing, and staining do not go well together. It is all too easy to take the colour off any projecting edges. That said, mixing Van Dyke crystals with water is extraordinarily easy and makes a stain that I have calculated to cost a mere 5 per cent of pre-mixed proprietory water-based stains. Moreover, the colour seems to go quite deep into the wood, so denibbing isn't such a worriesome task.
The real trick to getting a good antique Arts & Crafts look is getting black into the open grain of the oak. I have mixed my own stains using black pigments, which get physically trapped in the open grain. But the process is not an easy one. Miraculously, I have found the stain that answers my prayers. Smith and Rodgers in Glasgow (a firm founded in Victorian times) sell a Naptha stain (walnut) with a demented formula which includes bitumen. The bitumen get trapped in the open grain and the rest of the stain has a slight red tinge which helps create that old button polish colouration. The stain is a bit too dark for my liking and needs to be fixed, so I mix it 50-50 with a polyurethane varnish or danish oil. Rub it on with a cloth.
I will always follow with at least one coat of shellac because it helps fix the stain and uses a different solvent, so there is no danger of moving the stain around (the stain and the polyurethane varnish have a white spirit solvent).
The shellac can be a white polish if I don't want to change the colour or garnet/button polish if I want more of that golden/honey colour.
If we are aiming for a more brown colouration, a common "Mission" colour in American Arts & Crafts furniture, I add a bit raw umber pigments to the blonde shellac. A bit more can be added to the final coats too...
Then two, three, four coats of whatever you usually use. Most often we use danish oil (the raw umber added can be pigment or artists oil) and finally wax.
Phew....