I just bought an old french frame off ebay and it has arrived in the described condition which was good but with plenty of paint chips on almost every tube. except for the chips the finish looks good but there quite a few of them and they seem to go to bare metal. my question is what is the best way to protect the frame? i dont wish to repaint or touch up because i like the way the bike looks now but i want to prevent any structural deterioration. could i just use wax once and a while? clear nail polish? any other suggestions?

Try phosphoric acid (marine brand name Osphocote, also available from auto body supply stores under various names), but be sure to test it on the paint first, it may affect it. The phosphoric acid will keep it from rusting, it reacts with rust and renders it nuetral.

Nail polish will probably last a bit longer than wax, you can probably get it in a colour close to your frame too... I got some black for my black bike... helps a bit and you can't notice unless you look close.... you may buy small touch up paints in a close matching colour too, but a little more expensive.

You can also try Testor's paint available at any hobby shop and it comes
in a plethora of colour. You can feather it in so you hardly notice that a chip
has been covered. Doesn't last quite as long as nail polish but its pretty good.

Marty

Since you don't want to touch it up because you like the looks... I would try the nail polish process suggested above, but instead of trying to match the paint, use clear.