Thanks everyone for the kind words!
@Marc, good idea I will implement this for my next piece. Problem is I collapse all my layers in 3D-Coat, so It is hard to screenshot the different stages I go through on completed pieces.
What I can do is write down what I generally do.
1 - I start out by rendering out a basic AO as a guideline (I tend to paint my AO manually but it is good to have a general idea of what it should/could look like). In 3D-coat you can do this easily by going to Texture - Render AO. The settings I tend to go for are approx 100 lights and smoothing steps of 10-15.
2 - I lay out the base colors. I tend to go for the darkest tone possible. It is easier to go toward lighter colors than it is from light to dark.
3 - I start painting in a second set of colors like the highlight at the centre of the wood on the shield. In this stage I also place guidelines for where I want my details to be.
For example the areas between planks.
4 - At this point I want to see some lighting information on my texture. I start by adding a lighter and sometimes less saturated color to the parts I want some highlights on.
At the same time I also look at my piece and think of adding a certain gradient from top to bottom.
5 - Once I have the basic look ready I add several layers for the extremer highlights. This is sometimes set to screen and sometimes set to color dodge.
6 - Once Im happy with the highlights I start to work on adding more interesting colors to darker areas and work on bouncelights. At the same time I also look for adding small details that might help sell the material definition.
7 - Fix up stages, gathering of feedback and implementing this.
With all my pieces I tend to redo things entirely if I hate how it looks. That is a tip I can give everyone out there. Never get too attached to your work. It will only limit you and it will also frustrate you.