I found this saved on my computer. Unfortunately, I can't seem to access the photo to link it here.

Here's the process, as I originally described it on the AOL Decorating Board last year, and where the original post was unearthed from the AOL archives by the lovely and talented HOST HOME DECOR. She's the best.
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Forget all that nonsense about teensy bottles of expensive paint medium from the crafts store. You don't need anything more than regular latex semi-gloss paint--and a lot of guts. I found a beautiful Baker Chippendale camelback sofa, with cool curved arms and a fat down cushion, but it was covereed in a hideous glazed chintz in the ugliest colors I ever saw. I found some great yellow wool damask to reupholster with, but it would have cost me $3OOO for the job, so I painted my sofa instead.
Everyone freaked out when I told then the plan, but it worked. I was planning on painting my room dark green, so I decided to go with the red leather look. First, I painted the whole thing with bubblegum pink semigloss latex paint, using the widest foam brush I could find, and brushing it on in long strokes front-to-back and up + down. Think of that as the primer coat. I let it dry 2 days, and sanded it super lightly with fine-grade sandpaper to get rid of the burrs--there were a lot. When I couldn't feel any more sharp things, another coat of paint, spread thin. Dried and sanded again. Then spread--with my hands--a thin coat of raspberry red semi-gloss paint I had deadened a little with brown to make it a little less vivid. Because it was a deep color, there wasn't much white filler in the paint, and it was almost like a glaze or stain, instead of paint, which is just what I wanted anyway. I just smoothed it on, like suntan oil, and worked it into the pink paint. I let it build a little thicker at the back, on the inside of the arms and at the back edge of the loose cushion, so that the paler, thinner red took on an air of wear at the high points. I let it dry 2 days, then CAREFULLY sanded the few new sharp things, and touched up those spots with my fingers. I let it dry 2 days, then waxed the whole thing with regular paste wax. After it was dry, I polished with a soft cloth, then dusted with talcum, and vacuumed it all off. It was a little stiff the first few days, but now it not only looks like red leather, it feels like it.
This worked great on glazed chintz, and probably would work on any smooth fabric, except that some may have more burrs and therefore require more sanding, but I wouldn't try it on anything with a heavy texture. And no, the paint doesn't come off. And it's not stiff, either. Think about it--it's latex paint, and essentially, that's what's in those little bottles of fabric medium.
By the way if anyone finds this topic before he or she finds the picture that shows the finished results, it's over in the PicturesWorth album, probably at the bottom of the pile, in MAGNAVERDE'S SCRAPBOOK. Have fun.
Magnaverde."

I have it saved somewhere on my other computer, but the directions are here in this thread on Apartment Therapy. And if you Google Magnaverde raspberry sofa and look for images, it's probably easy to find a picture. Or check his website. It used to be there.

Red

Here is a link that might be useful: Helpful link from Apartment therapy

Thanks to you both! And carrie, I probably did like you, copied it to a file instead of bookmarking it. The chair I wanted to do may have a texture that's too heavy. Wonder how hard the fabric is to get off if it doesn't work? Hmmm

Here it is. Amazing! Thanks so much for bringing this up again. I especially loved that white sofa with the black swirls on it at your link, Red.