Coating composition comprising an oxidatively drying coating binder and a chelate comprising at least one group according to the following formula (I): forming a complex with a metal ion, A1 and A2 both being an aromatic residue, R1 and R3 being covalently bonded groups, and R2 being a divalent organic radical, wherein at least one solubilizing group is covalently bonded to the chelating compound. The solubilizing group is a non-polar group, preferably an aliphatic group having at least four carbon atoms, covalently bonded to A1 and/or A2. The metal ion is a divalent ion of a metal selected from the group of manganese, cobalt, copper, lead, zirconium, iron, lanthanium, cerium, vanadium, and calcium or a trivalent ion of a metal selected from the group of manganese, cobalt, lead, zirconium, iron, lanthanium, cerium, and vanadium, combined with a monovalent counterion.