Elrond is shown here as the flagbearer of his lord Gil-galad during the Last Alliance battle against the forces of Mordor. Gil-galad died fighting Sauron on the plains of Gorgoroth. Elrond later became the lord of Rivendell, a land ruled by the Elves near the town of Bree.
The Painting Guide:
The figure's base coat is best done in a neutral grey tone and the armoured sections painted silver before a wash of black is given over the whole miniature. The metallic portions can be brightened up again by a light drybrush of silver over the most raised areas; applying the paint sparingly will prevent the armour from having the appearance of tin-foil.
The cloth sections are best considered in keeping with Elven traditions of a starlight or moonlight palette, that is blues and greys. The leather details, belts and such, can be kept grey too so that the miniature maintains a consistent appearance when complete. Highlighting these areas carefully will give a clean look, and concentrating the most effort here will almost complete the figure.
Elrond's hair should look acceptable after the initial black wash but may require additional highlighting with a careful drybrush of a dark grey tone.
Elf flesh can be treated as normal with a dark warm tone to start and then progressively lighter flesh tones up to a cream or bone colour for the bridge of the nose, cheeks and forehead, using slightly lighter tones than usual will give an overall pale elven look. When using these lighter tones, always mixing an amount of water into the paint will maintain a smooth finish.
Suggestions for detailing the pennant are numerous, but keeping the star/moon theme is a good idea; an eight-pointed star is probably the easiest of these to tackle.
Keeping the rocky detail of the base simple with a dark wash will serve to emphasise the upper portions of the figure better than a heavily worked chalky highlight.