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Paint on the wall loses its colour because it is degraded by light and air into different chemicals. You can check that by chemical analysis.
Have you considered "Red Shift".The idea is that light at great distances will appear redder than expected. This happens more or less uniformly over the entire spectrum, so it is not just certain colors that shift, but all colors that experience a shift towards the red end of the spectrum. Your theory would have to explain how that is possible.