I used to be the proud owner of a Nantucket 38 .
The figure 38 applied not only to the length of the boat in feet, but also to 38 acres of brightwork.
When I bought "Laid Back" , I spent weeks varnishing with the most expensive/excellent/longlasting varnish that money could buy.
18 months later I did a Marine Survey course with Wooden Boat School in Maine - New England. Saw many wooden boats - Also many wooden houses with wooden window frames , that appear to be varnished - however, I learnt that many were not varnished but were protected from the elements with a wood stain/preservative.
So on returning to my boat I found that the varnish that I had spent so much time and money on, was showing definite signs of fading/peeling. Well bite on the bullet - off to Mong Kok - buy paint stripper, sand paper, sanding machine and 5 litres of Cuprinol - check :-
Applied with cloth pad - less than a mornings work - thereafter, applied every spring - even though there was no sign of deterioration.