The quasar 3C 286, a well-known calibrator source in radio astronomy, was found to exhibit exceptional multiwavelength properties. Its rich and complex optical emission-line spectrum revealed its narrow-line Seyfert 1 (NLS1) nature. Given its strong radio emission, this makes 3C 286 one of the radio-loudest NLS1 galaxies known to date. 3C 286 is also one of very few known compact steep-spectrum (CSS) sources detected in the gamma-ray regime. Observations in the X-ray regime, rarely carried out so far, revealed evidence for variability, raising the question whether it is driven by the accretion disk or jet. 3C 286 is also well known for its damped Lyman alpha system from an intervening absorber at z = 0.692, triggering a search for the corresponding X-ray absorption along the line-of-sight. Here, we present new observations in the radio, X-ray, optical, and UV bands. The nature of the X-ray variability is addressed. Spectral evidence suggests that it is primarily driven by the accretion disk (not the jet), and the X-ray spectrum is well fit by a powerlaw plus soft excess model. The radio flux density and polarization remain constant at the Effelsberg telescope resolution, reconfirming the use of 3C 286 as radio calibrator. The amount of reddening/absorption along the line-of-sight intrinsic to 3C 286 is rigorously assessed. None is found, validating the derivation of a high Eddington ratio (L/LEdd ∼ 1) and of the very high radio-loudness index of 3C 286. Based on the first deep Chandra image of 3C 286, tentative evidence for hard X-ray emission from the SW radio lobe is reported. A large variety of models for the gamma-ray emission of 3C 286 are briefly discussed.