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Design & Illustration Acrylic paint is fast drying paint containing pigment suspension in acrylic polymer emulsion. Acrylic paints can be diluted with water, but become water-resistant when dry. Depending on how much the paint is diluted (with water) or modified with acrylic gels, media, or pastes, the finished acrylic painting can resemble a watercolor or an oil painting, or have its own unique characteristics not attainable with other media.