Both, and then some. I think this is mostly acrylics, then black ink, and then some coloured pencil - the blue thing. One of the reasons why I only really use Derwent "artists" and "studio" pencils is that they give this strong, bold pigment unlike many others. For years I didn't like using coloured pencils because they always felt somehow pale and too hard, difficult to actually get any colour out of them. I don't know when it was but eventually I realised I had just used the wrong kind. The things you get in Finland when you're in school or something.. (yadda yadda :D)