I would like to know how to fix (refurbish) this sleigh bed headboard. can i do spot treatment? where would I begin? it looks like it was wet and the varnish/stain is coming off.
It's very difficult to spot repair finish that's failing like this. If adhesion has / is failed at the wood boundary, adding more is going to eventually fail.
To exacerbate the problem, the color is a toner, finish with color in it, so when the finish flaked off, so did the color.
My advice is to look for a refinisher and strip and refinish the piece.
Sorry, yes, I left of the conclusion that Freethinker99 mentioned.