How was this painted ?

Fairly simple, what part of it the whole thing or what? Its just masked off loops with some white sprayed on the edges then umasked and a misting of a wash of some kind of red "Kandy" on the middle section.
Hi 12spot, If you make an introduction in the appropriate section and tell us a bit about yourself, what you wish to paint, the type of equipment you have ect. and we will be glad to help you. Basically as Immortal Concepts stated, a bit of masking, shading, paying attention to light and shadows and reflections.
It looks like a bunch of shielding, the same as what is used for flames, is used.
poorly!hehehe nah im joking.... although with a little bit of time knowledge and experience i think the majority here would be aiming for a better job all round.....

as mentioned previously a very simple task of spraying white across some free hand shields..... i think if it had been masked off the edges would be alot sharper.... after that a bit of trans or candy red thrown over the top
What is that a 3" fishing lure? that's pretty decent work for something that small.