Ali just recently finished this piece - it's a Limited Edition Mermaid from Freebooter miniatures. Werner Klocke's sculpts are quite distinctive and paint up really nicely. I love the base Ali added to this one - she drilled out the top of a wooden display base, just quite roughly, and then lined the hole with greenstuff to make it a more natural shape. The little rocks were also made from greenstuff - as was the starfish that's nestling in the pool. Once the separate elements (including the miniature) were dry, they were glued to the top of the base.
Ali painted the inside of the pool in mid sea-green colour - getting lighter towards the edges. The rocks were picked out in various different shades or pale grey, sand and brown. There is plenty of great reference for beach rocks on the internet - a distinctive look is to paint faint veins of lighter or darker colour running through them.
The water was added with Gedeo crystal resin - it's very easy to use, but make sure you mix it really thoroughly or it won't set properly... Ali actually added a couple of drops of ink to the resin to give it a turquoise colour - it's very easy to colour, but you have to mix the ink in very thoroughly to it's consistent.
If you're interested, she's up on eBay. Ali also posted her over on CMON, so please show your support!