Whatever Scorsese was trying to accomplish, he failed from a historical standpoint. The two-color process that is decidedly being aped at the beginning of the picture is Cinecolor, as the two colors for that process were red and blue. Two-color Technicolor was red and green. Ditto Multicolor, the two-color process Hughes sunk (and lost) a fortune into and the process he used to film the color ball sequence in "Hell's Angels." (Technicolor did the lab work on it. Cinecolor did nothing on it, as Hughes never had anything to do with Cinecolor.) Anyone who has seen "Hell's Angels" and isn't color blind knows full well the only blue in it is in the "black and white" scenes. If you are seeing a two-color Technicolor picture from the late '20s or early '30s that looks "bluish" and "aqua colored", the print was either severely faded or the telecine work on it was severely botched. Because that's not how it should look. Never mind that whatever two-color scheme we're talking about here, it was well past its expiration date by the chronological point in the story where Scorsese switches to three-color. Technicolor refused to even have anything more to do with their two-color process by the late '30s.
And as another poster mentioned, Hughes' eyes were dark brown. Being a stickler for details and accuracy, I can't imagine he would have been impressed with any of this were he alive to see it.
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