>>8930308100%. It's layered. Here's a quick example from my Leatherhead, most of the shading is on the base colour, but I added an arrow to point out the spot under his arm where you can see the two layers blended a little bit because the bottom wasn't fully dry before the top layer was added.
Upside, there's a lot of man hours that go into these toys. Downside, you can't easily remove the cel shading, you would probably have to repaint it either way.
