I'm not certain that the Foundation has four-dimensional canvases for testing art anomalies.
More seriously, a one meter by one meter canvas is huge. The largest size for a standard square canvas would be about 71 centimeters. Additionally, why are we keeping this thing in an artist studio if you could just lock it in a box and be done with it? Why would we be keeping the room at the freezing point of water, for that matter? Please read some Series 3 SCPs and go back and revise the containment procedures. I couldn't even bring myself to read the description as your draft stands now.
If it makes you feel better, you got the object class right on the first try. That's something!
There were some details I felt were lacking from your article. Like SpectralDragon said, the canvas is rather large, and there isn't a clear explanation why (or how) the room is kept so cold. Why a studio, and not a test chamber? How does the paint swirl on its own (or does this imply life)? Also, I feel the black boxes on the can's manufacturing date are unnecessarily vague (1000 to 2999!)
The article states that the paint becomes sentient when applied to canvas — how so? Do depictions of animals act like animals, or caricatures of known people act like themselves? A short testing log could resolve some of this uncertainty, as the Foundation would likely analyze the paint's properties and abilities. Furthermore, there is little elaboration on the stick figure. Does this specific figure (stick figure, triangle head) have a unique personality? If so, should it be designated SCP-XXXX-1? And finally, if the canvas it was painted on is indestructible, has the Foundation just left it alone since testing?
Ultimately, I believe you could flesh your idea out further. Primarily, "paint that becomes sentient when you use it" is rather basic. Secondly, making it indestructible is also disappointing. Perhaps it could be destroyed normally instead, but the stick figure recalls its past experiences. My biggest question is does this stuff have a history? It's called "BUDDY PURPLE," is presumably old, and shows sentience. Maybe this was the effort of an artist to create a friend, or he or she wanted to (literally) put their soul into their work.
It is rather mundane currently, but could easily become a very interesting concept!