What can I do about peeling vernis?

[k2cowz]

Can I paint it? Or anything to fix this?

 

[BULL]

That is the actual plastic coating coming off. An acrylic paint might mitigate the issue for a while, but it won't be the same and won't stop it from breaking more in the future
This was such a cool, unique piece

 

[A bottle of Red]

Wonder what caused this to happen to the patent leather

 

[BULL]

Wonder what caused this to happen to the patent leather

Age, heat, mechanical impact, thin plastic layer applied while being manufactured. All of these combined.
That is why I'd only get Vernis in small, very structured models like the Alma BB.