All the above answers are correct. You need to first consider how you will use the tub. Are there kids splashing around? Or just relaxed soaking? We have installed claw foot tubs and modern free standing tubs both ways - with painted walls and wainscot tile. Both work.
FYI....Benjamin Moore makes a matte finish paint called "Spa" that is mildew resistant and doesn't "stain or streak" like conventional matte/flat wall paint. Pricey at $60-70/gal but it may fit the bill.
-Bayward Builders, Berkeley, CA
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Rattan pendant
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