I have never seen or heard of paper changing the color of a lead (graphite) pencil signature like it can do to an ink or marker signature in my over 40 years of collecting autographs. The paper may darken but I have seen it only make the signature lighter or darker in contrast.
Maybe some other collectors can chip in on this.
But you must consider that if this is a colored pencil signature then it will not be 100% lead (graphite ) it will have some sort of color modifier in it and that may be fading or changing color.
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