My dreams have always been in resoundingly clear Technicolour with Dolby Surround Sound. I don't recall any being in Black and White. As for the significance, well, I guess if there's something in the dream that's in colour while everything else is black and white that object must be important or have some meaning for you.

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Signature by me.{The Six Year Sleep}{Stories From Jupiter}{Game Over}
{Southern Belle} {Fireball} {Knightlark} {Rhea}{Hylian Z}{Panique} {Azzy} {Holic}