I've painted quite a few upholstered pieces over the years with great results. And, when a friend gave me this piece, I took is as an opportunity to experiment beyond just painting.
The first experiment had to do with picking the color. I have had so much fun playing with Dixie Belle Paint Company's new Color Lab. The Color Lab is located on their website. You can pick 2 or 3 of their 69 colors and see how they mix together. You can mix equal parts of colors, or adjust them to have more or less of a certain color.
The gilding wax worked perfectly on the painted fabric.