This is not a stand alone magic effect, but a prop you can use with many other coloring effects to enhance the routine. the apparatus comprises of what appears to be a regular artist's Palette, with six blobs of paint in differant colors. Just wave the Palette, and the colors vanish, leaving four white (empty?) spots in their place. You can also do this in reverse, having the six colors appear in place of the white spots. Examination of the apparatus will make the working obvious.
This goes very well with the Magic Coloring Book, color It, Amazing Birthday Bear Picture Frame etc.