Rakarth Flesh vs M495 Light Gray

How close are they?

ΔE 8.1, close: similar, with a visible difference side by side. M495 Light Gray is a little darker, cooler than Rakarth Flesh.

Can I use M495 Light Gray instead of Rakarth Flesh?

Usually, if you are not matching paint already on the model. Close match (ΔE 8). M495 Light Gray is a little darker, cooler than Rakarth Flesh.

Can I use Rakarth Flesh instead of M495 Light Gray?

The same difference applies the other way round: Rakarth Flesh is a little lighter, warmer.

ΔE is the colour difference between our two swatch estimates: under about 6 is close, over about 15 is loose. Real paints also differ in finish, coverage and how they thin, so test before you commit.