Wavy woodgrain below clock

[jwscarab 20]

I got a clock and panel off fleabay, and woodgrain is wavy below the clock, like if you ran your finger from side to side, it would go over the waves. When I press hard on the waves, they are firm and do not collapse.

 

Is the the woodgrain lifting up, or is it the metal backing plate stamped that way? I know I need to remove the metal and take a look at the backside of the plate - but I thought you guys may have seen this before.

 

I'm going to strip it and paint it, but I hate to because its "light teak" and in very nice shape except the waves. If it were dark and all scratched up, I would not be hesitant.

 

Thanks!

Edited December 20, 2011 by jwscarab