This bug affects spawn eggs (MC-161934), biome-affected items (MC-161837) and biome-affected blocks (MC-161841).
The dropped items of these appear fine. However, as they gravitate towards the player when being picked up, they briefly lose colour.
Spawn eggs are incorrectly colored when held in the hand
Some biome-affected items are coloured incorrectly when held in the hand
Top texture of leaves and grass blocks is gray in first person mode when being held in the hand
Experience orbs turn white when being picked up