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 falloff type to fresnel. Leave the bottom color at white, and change the black material to a very dark grey ...