Teak is a beautiful wood, worth every minute it takes to finish it bright. As a matter of fact, there are few things that look better on teak or mahogany than varnish, one of which is shown below.
Here is a relevant thread with links to teak refinishing tips.
http://www.network54.com/Forum/424840/message/1157664700/
Looking forward to the follow up photos!
Regards,
Paul