Some of the NYC framers, Bark's in particular, do a hand painted finish to match mat board color. I had one of their frames and took it to the local Sherwin Williams Paint store and they did a little analysis for me. It was acrylic, custom blended in a semi-gloss. Trim paint. They had hand applied it and then sanded the finish to remove most brush marks.
Over the course of a few years I now have quarts of paint labeled "Rising Warm White" "Bainbridge 8605"...etc. A good trim painter can do a 24x36 1 1/2"x 3/4" stem in about a half hour total, 2 coats and sanding...it takes me a little longer, but I'm getting better.
The mouldings are usually Poplar or Southern White Maple; in your area probably Basswood or Poplar. Adding a bit of flowing agent to the paint makes it go on smoother. If you have the equipment, the paint can be sprayed on, but I prefer the hand painted look.
As a bonus, you can also do some repair work to the mat boards where you have a color match
