I see this kind of argument come up a lot when talking about copyrights and patents. This is not how that works.
If someone creates a derivative work (e.g. crazy colors), that new person does own the copyright in the new "crazy colors" version, but they don't own the copyright to the black and white version. However, the new crazy colors version contains the rights of both the old and the new author, so that in order to publish the crazy color version, they would have to obtain a licence to the original version or else be infringing.
In short, the new version has two rights, owned by two different people, not one.
If someone creates a derivative work (e.g. crazy colors), that new person does own the copyright in the new "crazy colors" version, but they don't own the copyright to the black and white version. However, the new crazy colors version contains the rights of both the old and the new author, so that in order to publish the crazy color version, they would have to obtain a licence to the original version or else be infringing.
In short, the new version has two rights, owned by two different people, not one.