How To Create new colorful image from a dull desaturated image
This Photoshop tutorial assumes that you have working knowledge of Adobe Photoshop basic functions. Created using Photoshop CS.
Open Photoshop. Import any black and white image. Make sure you make a Duplicate of that layer.
On the Tools pallete. Use the Lasso tool and sketch the outline of the flower.
Now go to Select > Inverse. This is what you will see. The Delete the background.
Now choose Image > Adjustments > Color Balance.
In the Pallete change
Cyan: +100
Magenta: -70
Yellow: 0
Tone Balance (Check Midtones)
Check Preserve Luminicity
This will you this nice Pinkish red color of Lily. But if you look at its stem you will notice they are also the same color.
In the Layer Palette duplicate this layer.
Once you duplicate the Layer. Use the Lasso Tool and remove the flower from the stem.
Now choose Image > Adjustments > Color Balance.
In the Pallete change
Cyan: -100
Magenta: +100
Yellow: - 100
Tone Balance (Check Midtones)
Check Preserve Luminicity
Click OK
Now Flatten all the layers on the Layers Palatter together.
Shazammm... here is a new pink color Lily.
You can use this same technique to restore other old images too. Have fun.