I have had this happen on two occasions. Once was lacquer over a shellac based stain and once was clear lacquer over lacquer sanding sealer. I am not a painter, but I will venture to guess based on my failures not on successes. Plain and simple you are building product too fast. No-one brags about two coats of lacquer. I think the bragging rites do no begin before the number twelve. The lacquer is flashing too quickly and shrinking the coat below. My guess is the undercoat gets a chance to absorb far too much solvents and then is forced to let them go too quickly.
Ask the supply house for different solvent flash points use the slowest possible. That could mean actually introducing paint thinner into the equation. If the "lacquer" is not a true lacquer, you can try half thinner half paint thinner.
Short answer
Too much product too short of time.
The piece is beautiful. Simple elegance will out shadow artificial artsiness every time.
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Large tablecloth