This is a German adaptation of H.P Lovecraft's novel The Colour out of Space
from 1927. I think it does a good job of capturing the essence of the Lovecraftian atmosphere. The film is shot entirely in black and white, except for the colour which is here a glowing purplish colour. It's a good way of making the colour seem out of this world. After all, portraying a colour "unlike any known colours of the normal spectrum" on film could otherwise be rather difficult.
In Die Farbe, the story has moved to Germany in the mid 1970's, and the incident happening around the beginning of the second world war. Otherwise it seems to follow the novel by Lovecraft fairly well. While a good adaptation, I think this film will be mostly interesting to fans of Lovecraft's writing.