You're both right. High quality, pure gold ( 24 karat) is resistant to corrosion. Lower karat golds do corrode a litlle (they have up to 10% silver in them), but still last hundreds of years. Anything lower than 20 Karats needs a clearcoat.
Modern goldleave made by machines is much thinner than the old stuff, so we're not too sure how this stands the test of time. My best guess is about 250 years.
I do a lot of restaurations, so I see 300 yearold gilding pretty often. Unlike gold coins, the thin goldleave does wear off a bit. You could clearcoat it, but ussually the clearcoat doesn't last 300 years either.
For automotive application this is not a problem as they don't make cars anymore that last longer than a decade anyway
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If you prefer not to clearcoat (it does look better without) I suggest you use an oilbased sizing, and apply it as thin as you possibly can. Then let it dry as long as possible.
On pictureframes, we don't use any sizing. That's why it can be polished to a bright gloss, and lasts so long. This is known as "watergilding", but it can only be done on wood or plaster. My gilded frames come with a 500 year guarantee.
AND THANKS EVERYONE FOR THE FANTASTIC REPLIES! I'll go and buy materials next weekend and start practicing. When I have a decent result i'll post a picture.
Ivar