Yes, a hand rubbed oil finish is more subdued than a french polished finish, or any of the other variations that are used now. I am not a woodworker, even though I have made a number of custom rifle stocks, but my father was a fine art cabinet maker, and others in his family were the same trade. A normal french polish used to be the bench mark for a fine furniture finish, and if done correctly, this will highlight anything that a grain has to offer.
The old English stock finishes were, as previously mentioned, hand rubbed oil finishes, and although these will blind you with reflected light, for a connoisseur this has long been regarded as the finish of choice. The grain is still there, it is still chatoyant, but you require taste and education to appreciate it, rather than the bling that is a factor in a fine french polish, and that anybody can see and appreciate.
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