62 year-old director Martin Scorsese has recently exposed his Top 10 list (s) of movies that demonstrate a 'masterful use of light and color' (Click-able Beaver review links are in orange).
Martin Scorsese's top 10 (in order):

Stanley Kubrick's "Barry Lyndon"
King Vidor's "Duel in the Sun" (1946)
William Cameron Menzies' sci-fi flick "Invaders from Mars" (1953)
1946 film noir "Leave Her to Heaven"
John Huston's take on "Moby Dick."
The 1943 version of "Phantom of the Opera"
"The Red Shoes" (1948)
John Ford's "The Searchers" (1956)
"Singin' in the Rain"
and Hitchcock's obsession-themed "Vertigo."

The international film list (in order):

Jean-Luc Godard's "Contempt" (1963)
Ingmar Bergman's "Cries and Whispers"
Teinosuke Kinugasa's "Gate of Hell" (1953)
Wong Kar-Wai's "In the Mood for Love" (2000)
Bernardo Bertolucci's "The Last Emperor,"
Michelangelo Antonioni's "Red Desert"
Jean Renoir's "The River,"
Federico Fellini's "Satyricon"
Luchino Visconti's "Senso"
Sergei Paradjanov's "Shadows of the Forgotten Ancestors"