You need light for color to show up. For those who dive you will see that some colors fade faster the deeper you dive (deeper means less light). Red seems the first to go for people, it quickly looks brown.

That said fish and people have different eyes and see colors differently, so I too would like to see a chart of what colors Walleye see best and worse.

Also, the dirtier/muddy the water the less light so it also effects colors as mentioned earlier in this thread.