I've finished quite a few projects in air dried black walnut over the years and have used Watco oil and wax as my go to finish. I have noticed that some of the older projects that were exposed to UV have faded in color over time. From my research, looks like that's pretty common. I have used pigmented Watco on walnut to give it a bit more depth of color, depending on the look of the boards used. More recently I've been working on a project where I've had to mix air dried and steamed/kiln dried walnut. The kiln dried lacks the depth of color of the air dried. In looking for solutions, several sources have suggested using various types and strengths of dye first to even out the color and provide some defense against fading. Haven't settled on a product yet, but I know I'll start with dye before going to top coats. I know purists say no to any dye or stain, but just be warned about fading over time.