Inspect the chair and make any small repairs that are needed. Tighten screws and bolts as needed and replace rubber stoppers (or remove all stoppers if some are broken and this isn't possible). Trim frayed strands on cloth upholstery and patch holes in padding with cloth tape.
Rub the chair with sandpaper to smooth out any areas where old paint has started to chip or where the existing paint is thick or lumpy. If the chair is metal, sand any areas that may have rusted. If the chair is wood, sand any rough areas on the wood. Lightly sand the chair all over if it has a very smooth finish; this will help the paint adhere.
Lay out sheets of newspaper on the floor in a well-ventilated area. Place the chair, unfolded, on the paper and spray paint it with a coat of black paint. Let the paint dry.
Fold up the chair. Give it a second coat of paint. Pay special attention to areas that are now exposed as unpainted when the chair is unfolded.
Tear out a page of magazine print and tear it in half. Roll the half page into a loose ball.
Pour some gold acrylic paint into a dish. Dip the ball of magazine print into the paint and wipe it on the side of the container. Apply splotches of gold paint to the surface of the folding chair; this will create a textured partial covering. Let dry.
Paint the back of the chair and the seat red with a large artist's paintbrush.