That really brings the term "dazzle paint" to new light! There is also a colorized depiction of the Olympic painted up for way in Titanic: An Illustrated History, I dont recall the page number off hand, but it is towards the end of the book.
The colour photos of dazzle schemes used in WW2 do indeed show 'natural' shades of grey, blue and green. The object of the exercise was, after all, to break up the outline of the ship and not to advertise its presence.
But WW1 photos and paintings do show much more drastic, high-contrast patterning, often zebra stripes. These were designed to confuse coincident image rangefinders (as used by the Royal Navy) and to this end they were effective. Unfortunately they had no effect on the stereoscopic rangefinders used by the enemy!
The B&W version of my colored Oly overhead did come from "Titanic & Her Sisters..." I don't remember the exact page number but it was towards the end of the Olympic chapter. I thought it was a damn nice photo of the Olympic, and even more so in color.
If I remember correctly the photo is captioned as being taken in 1933 as Mark and Brent have pointed out.