there's two things you usually look for when concerned about "archivalness": acidity and lightfastness.
acidity/ph levels refer to both paint and paper/substrate. "acid free" or "ph neutral" means the ph levels are at 7 (or a little higher). this is ideal for art papers, which many quality paper are. papers that are not "acid free" are susceptible to yellowing/browning, and becoming brittle with age and exposure to sunlight. the lower the ph level, the higher the acidity. newsprint is about ph 4.5, making it acidic, thus yellowing with age.
lightfastness refers to how well a pigment withstands direct exposure to uv rays. most quality paints will have a grading system that gives you a rough idea what their lightfastness is. most student/young hobby materials won't, and most usually are not formulated to be.
here are a couple links about conducting your own lightfast experiments:
http://painting.about.com/od/colourtheory/ht/lightfastness.htm
http://www.handprint.com/HP/WCL/pigmt9.html
if you're looking to get the most out of materials that may not be archive safe, be sure to use ph neutral papers (most art stores list those features) and that the art is stored away from direct sunlight (or is protected behind uv resistant glass or has been fixed with a uv varnish) and away from acidic materials (this means cardboard, newsprint, and most office material. usually it will not be acid free unless the product mentions it is).
some archival materials:
uv-resistant spray coat: http://www.dickblick.com/zz217/03a/
make it acid free spray: http://www.dickblick.com/zz128/96/