Because of the nature of lacquer compounds, a high gloss is the more common finish. It takes extra sanding or the addition of more chemicals to create a satin look. The high-gloss appearance reflects more light, which can be useful in a darker room or with an especially fine piece, but may not be ideal when it comes to glare under bright lights. A satin finish is more subtle, ideal for blending wood tones together and providing a natural look to instruments or furniture.
If the wood you are working with has a striking grain, you should do what you can to preserve and draw attention to it. In this case a high-gloss finish is preferable. The refractive properties of the gloss tend to draw out and highlight differences in the grain, making it an ideal choice. But if the wood has a poor or boring grain, the satin option can help hide flaws and provide a smoother, less-contrasted surface.
Satin finishes are in general easier to clean than high-gloss lacquers. This is not because of cleaning techniques, which are usually the same either way, but because of the properties of the high-gloss finish. Using the wrong type of cloth or oil on the finish can scratch it or slowly dissolve the coating over time. This is more noticeable on the mirror-like finish of a high-gloss coating than on the duller satin layer. Dust and grime are also more noticeable on a high-gloss lacquer.
Durability depends largely on the type of finish and what compounds it uses. There are fragile satin finishes and durable satin finishes, just as high glosses can be either long-lasting or quickly fade based on quality. However, high-gloss shellacs and other coatings that provide just thin layer of lacquer can be damaged and fades more easily than the thicker, more resistant coats associated with satin finishes.