I'm working on a project in mahogany (no pictures, no description, no nothing. When its done, I'll share)
I have yet to decide on a finish process. On the left is redish brown dye followed by early american stain, top-coated with a few coats of spray lacquer. To the right is simply a few coats of dewaxed shellac that would be followed by lacquer. You may assume the lacquer will add some amber to the tone of the wood as well as enhance the 'chatoyance" (sp) if I understand that correctly.
The left sample does remind me of much of the mahogany I remember as a kid, but I've moved in most of my finishing choices to a more natural finish preference. There will be ebony plugs to consider as well.
Anyone have an opinion? Maybe you have another favorite way to finish mahogany?