Start
with a Raytrace material, and use a "falloff" material for the diffuse
spot.
Change
the Falloff Type to "Fresnel". Change the top color to the color you
want the paint to be, and the bottom color to solid Black.
Now
back to the main material, and use falloff for the reflection as well. Again change
the fallof type to fresnel. Leave the bottom color at white, and change the black
material to a very dark grey (Value of about 15).
Back
to the main material now, change the specular level to about 120, and the glossiness
to about 60, and your ready to go!
This
is my result from following this tutorial word for word, with a Max5 skylight
and target light:
Now
the paint is only going to look as good as what it is reflecting, so make your
self a small scene, or use a good background image (HDRI, for very good results).
This is using Max5's advanced rendering with a .hdr image as the skylight:
3DTotal
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Mess
around with the settings, and look at my other paint tutorials to get an idea
of what all you can do with simple material properties. This tutorial can be used
for other rendering systems as well, but some settings may be named slightly different.