A few days ago, Designboom ran an article on Swedish Artist Sanna Dullaway. Sanna works as a restoration artist and more recently with old historic photos that she recolors using shades in Photoshop that would have been popular during the period in which the photo was taken.
As a costume designer, I am constantly researching historic images and trying to figure out what colors someone would have been wearing in say 1909. So this is right up my ally. Take a look and tell me what you think. Check out the article on her here, and her website here.