Abstract: The invention provides a matt, thixotropic paint formulation comprising a resin system and a matting agent. The matting agent comprises a hydrophobic metal oxide, which has a surface moiety (i.e., one or more surface moieties) selected from the group consisting of trimethyl silyl, vinyl dimethyl silyl, acryl dimethyl silyl, and dimethyl silyl. Morever, the paint formulation is characterized by having thixotropic properties such that it does not sag at a notch height of about 75 &mgr;m when measured with an anti-sag meter after application to a substrate. The invention also provides a method of producing such a paint formulation. The invention further provides a substrate having a surface coated with the matt, thixotropic paint formulation of the invention.