I think this might be color loss too. Here's a blog post I found where the gal dyed a tan patent Louis Vuitton wallet black. Might help. Your wallet is really cute!(Mods please delete if this kind of link isn't permitted)
http://frumptofabdesign.blogspot.com/2012/11/dye-patent-leather.html
Thank you so much for the link! I am going to try the glossy paint first to cover those spots, but if it doesn't work I will try the dye, why not?
