A pigment aqueous-medium dispersion and coating material which have no particle feeling and exhibit a highly excellent silky feeling, the pigment aqueous-medium dispersion is a dispersion of a photoluminescent pigment in an aqueous medium, characterized in that the photoluminescent pigment is flaky titanic acid obtained by treating layered titanate with acid and then reacting an organic basic compound with the treated layered titanate to delaminate, and the flaky titanic acid has an average longer diameter of 5 to 30 μm and an average thickness of 0.5 to 300 nm.