Wax is a good preservative for guns you don't use. It will form a protective coating, and restores the color of the surface it covers to a certain extent. Works well on dried out grips, repels water and protects against outside influences.
No experience with Renaissance gun wax, but I use a common clear furniture wax on guns that are really dry (and are only handled/stored as collectibles). I just apply a little amount on the outside surfaces, I prefer good old gun oil on the innards.
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