What Constitutes A Leather "finish"?

[Andrew Chee]

Hello everyone. I've tried different leather finishes before including ones that I made myself. What is the difference between a leather "conditioner" and a leather "finish"? Is it simply the addition of some sort of wax to the formula? I've used Leather Balm and Bee Natural. As far as I can tell, they both feel like an emulsified wax solution to me. Both give the leather a slight shine but doesn't seem to give much water repellency (I usually use 1-2 coats only since I don't want my leather too shiny).

Anyways, if anyone can shed some light on this subject, that would be great. After all, what is the purpose of leather finish? Is it to repel water? To give leather a shine?

Andrew