you don't ever put clear coat on single-stage paint
My understanding is that paints are either single-stage (a "straight color") or a base coat/clear coat system where the base coat contains the color and the clear coat protects it from UV damage. My understanding is that you don't ever spray clear coat on single-stage paint, and you don't ever leave the clear coat off a base coat.
For that "fall into the reflection" finish, paint is wet-sanded to remove "orange peel" in the paint and get it to lay flat. On a base coat / clear coat finish, my understanding is that both the base coat and the clear coat are wet-sanded.
If you're doing a thorough outer body restoration on an E9, with the cost of body panels, body work, rust repair, and leveling-out small dings and dents, I'm not sure why anyone would try and save money by using single-stage paint.
There are three good-length chapters in my book on the outer body restoration of my E9 where I discuss all this.