"The Duchess", a wingback needing a little help: upholstery paint, anyone? (UPDATE: SOLD)

I don't intend to stock many items needing repair or restoration, but this swank old wingback just needs a little help to be a treasure once again:

I'm calling it "The Duchess" because the swank shape of the wings looks like a royal hat (from Disney's Cinderella?).
Someone suggested painting the entire chair, as you would a canvas!
Priced at $20 to make it easy for you to get started.
(UPDATE 6/15/2011: SOLD)

You can create your own google trail in researching painting upholstered furniture.
Here are 2 to get you started:
http://littlegreennotebook.blogspot.com/2009/03/spray-painting-upholstered-furniture.html
and
http://www.fabricspraypaint.com (has audio greeting. These can be annoying, but this one is informative.)