This is a regression. In 4.19 and Main (CL 4008322), vertex color information does not save properly and data is lost when editor is reopened. Creating project from scratch instead of copying over from 4.18 results in crash ([Link Removed])
Per licensee:
We recently updated our project from 4.18.3 to a custom built 4.19.1 and having now problems with the vertex color on our skeletal mesh cars.
We are using a grey vertex color as an inital value for our cars but somehow their vertex color ends up plain white after the editor restart.
When I'm repainting the grey vertex color and save the skeletal mesh. I end up with the same white vertex color when I shut down the editor and reopen it...
Apparently the problem is that Vertex Color data of Skeletal Meshes is not saved when clicking the Save button in the Paint Tool.
I've discovered a possible workaround: After painting a Skeletal Mesh, open that same Skeletal Mesh from the Content Browser, change the "Allow CPUAccess" Property of "LOD 0" and save. (Might work with other properties as well.) Then change it back and save again.
Result: Vertices have lost some color data, so mesh needs to be repainted. Subsequently resaving the project and reopening in 4.19 does not keep color data; vertices always need to be repainted. See attached screen shots.
There's no existing public thread on this issue, so head over to Questions & Answers just mention UE-57956 in the post.