My apologies for the late reply but, This is the color vegetable tanned leather takes when treated with beeswax. And to answer your question about how the beeswax holds up, it makes the leather much stronger and a bit stiffer and effectively waterproofs the leather (at least when you apply it to both sides), i've never had to apply any oils or any sort of protectants to the waxed stuff either, just buff it with a cloth to get the shine back.

Though you do need to melt the wax and heat your item in the oven at about 250-300F (120-148C) then brush on one or more coats of wax so it soaks into the leather instead of pooling on the surface.