Looks like the original finish was stripped. Salvageable though. The color was in the lacquer.
Clay
Arthur W. J. G. Ord-Hume's Laws of Collecting
1. Space will expand to accommodate an infinite number of possessions, regardless of their size.
2. Shortage of finance, however dire, will never prevent the acquisition of a desired object, however improbable its cost.
I think the reserve may have put off people. Anyone close enough to pick it up wouldn't want to wast their time bidding it up to a fair price only to learn that the reserve is $1K or so.