Now that's an effect I've not seen before! I shall have to experiment with keeping my eyes still and see how long lating the effect is - at the moment I keep being startled by the change so it's only fleeting .
A brief rationale is that whilst you fixedly stare at the one point, the coloured areas 'bleach' or tire the colour sensors in your eyes. When the colour layer is removed, to reveal the black and white picture, you see it with those sensors that are not exhausted i.e. it's a sort of 'false colour' effect.
This is only a guess tho'; I'd have to look into it a bit more to be sure.