I'm on the lookout for a mid or lower-priced monitor that has accurate colour reproduction and works well for digital drawing and painting. Any recommendations (or monitors that should be avoided)?
Depends on how much exactly you want to spend and what size you want. Anything with an IPS or PLS panel will be a bit pricey compared to the same sized Tn panel.
Any of these that fits what you want size and price wise would do [link]
I currently have a Dell Ultrasharp U2312hm, and I'm very satisfied with it so far. Remember that it can also help to calibrate it correctly (even with the built in windows program).
Dell ultrasharps with the newfangled e-IPS are probably some of your best bets. They're around $400 these days. The cinema displays are nice but run ~$1k. Also, they don't make a whole lot of sense unless you own a MBP with thunderbolt and a magsafe charger.