instance-refreshed is called inside select when its refresh argument is true and the instance instance has just been updated.
The supplied method on standard-db-object does nothing. If your application needs to take action when a View Class instance has been updated by
(select ... :refresh t)
then add an
instance-refresh method specializing on your subclass of standard-db-object.
LispWorks User Guide and Reference Manual - 13 Feb 2015