From what I have been able to find out about celluloid is that it is a fairly volatile material with a tendency to decompose over time, some of the lighter colors and clear will break down before darker. (I learned this from Knife World, I think it was the December issue). Also, on the newer knives with celluloid that is shrinking, like some of the larger Case Classics, it might be that the material was not allowed to cure properly before being put on the knife. That again is from the Knife World article.
DaveJ