Yeah, that is velvet, and terrible. I ripped the velvet off (it was marked on the back with 1976 and "given to my grand daughter 2011," looks like grand daughter dumped this beauty.)
I washed it with dawn in the sink (after ripping the lovely smelling velvet off), and let it dry. I coated it with one coat of white Valspar primer spray paint. When it was dry, I applied two coats of glossy white spray paint. AND . . .
100% better, and less than $12.00.