On the other end of experience, I have seen restored, re-painted, shiny frames, stored indoors and always kept dry, begin to rust again under the paint. Wax may help to slow rust but I doubt that it will stop it completely. There is no such thing as a perfect seal. From my experience with cars, motorcycles and bicycles, the only way to eradicate rust is to be sure it is completely removed before re-painting. In many cases media blasting won't get all the rust that has bred beneath the surface and some kind of chemical treatment is needed. And after all that the metal begins again its live process of deterioration, sooner or later the surface wears, is impaired and rust begins again. Even powder coated metal will rust if it is not well prepared. It's a game of vanity that won't ever be won.
Paul Arbez
Vancouver,
Canada