From experience, I would highly recommend combining multiple colours onto one page and having an option to select colour, and update photos if required.

We have spent the best part of a year combining variations of products to reduce product pages from 18,000+ to under 1000 and have seen very good SERP improvements because more of the site is being indexed, and there is less duplicate content.

At the end of the day, if nothing changes about a product other than its colour, or size etc then it does not need its own page - it doesn't benefit a user to have 2 pages to browse to make their colour selection.