The "best" color would be BLACK. This will diminish the effects reflecting light. I was fortunate to visit the new theatre of Widescreen Review, and experienced this treatment, and needless to say, my theatre will have black walls and ceilings, unless the Wife Approval Factor moves me into a dark "Charcoal"
I agree with els. The darker the better to absorb light rather than bounce it around and wash out your screen. That is if you are using a screen. Reflective light can be a real problem and will distract from not only the image being projected but also will effect the feel of the room. My ceiling is black, my walls are a very dark green. This works well for light absorption. On another note while we are on this subject. Use flat paint, do not use eggshell or semigloss finish. This type of finish will only cause more reflections.
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