I would agree with your summation of the color. If the artist did not use GW paint that base color could possibly be Vallejo Black Red as well, or maybe even Dark Red. If you look on the legs they have a slightly mauve-ish tone to them....
As far as making the red look "faded"...I would say that the light color is something along the lines of Tamyia "Buff" that has be air brushed onto the model, it is a trick that military modelers will use to make paint look distressed, old and worn. Paint the base color, shade and highlight it, then airbrush a very fine layer Tamyia "Buff" over it to help it appear faded.
Ashton
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