The topic has been tagged for Nick.
In the mean time, try disabling any active plugins you have running in case one of them is causing a conflict with the theme. Also try updating your theme to the most recent version available from your Downloads on themeforest. You can install it in the same way you first installed the theme.
If you are displaying a portfolio group via the template builder and having issues with the greyscale image, try deleting the dynamic template and rebuilding it as the theme files for the templates were changed a bit and it can sometimes require re-building a template to get the newer options to show up correctly (and work correctly).