Paints used: Vallejo Brown Glaze, Reaper Master Series Paints 09043 Tanned Shadow, 09044 Tanned Skin, 09046 Fair Shadow, 09047 Fair Skin, 09048 Fair Highlights, 09061 Linen White.
Here is a link to the list of all the Reaper paints so you can see approx what the colors look like.
After basecoating the mini in white, I use a couple of layers of slightly dilluted Fair Shadow to get smooth, opaque coverage:
I mix a thin glaze of water and Tanned Skin and apply it all over the mini. Don't let the glaze pool. It's important that the layer is smooth and even. After the first layer is dry, I paint the glaze where I want the shadows on the figure to be (eyesockets, below the boobs, between her arms and body, between her legs, butt crack, around the collarbones, etc. The effect of this is subtle but visible.
I mix another glaze, this time using Tanned Shadow and water. I only apply this where I want the shadows to fall.
I mix some Vallejo Brown Glaze into my mixture from the previous step and paint in the deep shadows (sorry about this picture, I know it doesn't show the effect very well).
When I'm happy with the depht of the shadows, I start highlighting. First step is my basecoat: Fair Shadow. I mix this with some water and use it to highlight raised areas like boobies, thighs, shoulders, etc.
I grab Fair Skin, mix with water, and use it to highlight. These highlights cover smaller areas than the ones done with Fair Shadow:
More highlighting, this time with Fair Highlight. Same principle. Add final highlights in Linen White. Be careful with the white highlights, they have a tendency to look a little chalky:
At this point I add thin glazes of the base coat to any blends that don't look smooth. If I find that the mini doesn't have enough depth to it, I will go back and carefully add a little more shadow using one of the shading colors.:
That's pretty much it! If you want extremely smooth looking blends or skintones with a little more contrast, I suggest that you mix colors with the basecoat instead of just mixing with water. In my experience that tends to give very smooth blends, but it's also a lot more time consuming.