I have an older damon howatt recurve.  It shoots very well but doesnt have its good looks anymore that it did when it was younger.  There are spots where the finish has worn away and it is a real light color.  I do not know much about taking care of such a bow.  Is there a way to polish it that would give it a better look and keep it from drying out(if that is even something that can happen)

If you really like the bow, you could have it refinished. Bare wood has to be sealed. A quick and dirty fix would be to apply some poly on the bare spots. Maybe you wish to try your hand at refinishing the whole bow, eh?

Killdeer  

We all get wrinkles with age. You could spray with a waterproof satin finish. That would give it a dull lustre and hide the bad spots.