I did this by altering the color balance of a photo with the Curves Tool in Photoshop. See : http://www.cambridgeincolour.com/tutorials/photoshop-curves.htm.
Then I imported the original and the altered images into Adobe ImageReady as layers with the original on top. I animated the opacity of that layer from 100% to 0% using the Tween tool, and saved as a .gif file.