A painting
Microscopist Walter McCrone reported red ochre (iron oxide) on image and blood fibers and vermilion on blood fibers. He concluded in 1980 that a medieval artist painted the image around 1355 with a very dilute paint in a gelatin binder.
Problems with this idea
The STURP team, using X-ray fluorescence, spectroscopy and chemistry on the cloth itself, found no pigment forming the image and no binder, and concluded it is not a painting. Paint would soak between threads; the image does not. Particles of many materials exist on the cloth, plausibly from artists who pressed copies of their paintings against it, as was done for centuries.
Schwalbe and Rogers 1982, Analytica Chimica Acta · STURP final summary, 1981

