Solutions of hindered phenols e.g. di-tertiary butyl phenol often show color formation over time in aromatic solvents. However this varies in degree from sample to sample. What reactions, catalysts, contaminants might be causing this.
It is oxidation to form dimers or catchols and beyond. Purify before use or store under an inert gas (Nitrogen or argon). Very hindered phenols (tri-tert-butyl phenol) can form isolable phenoxyl radicals during oxidation (see the work of Jim Mayer and coworkers), but most phenols proceed to form dimers or futher oxidation products. The oxidations can process via a variety of paths, but if you remove the presence of the oxidant (oxygen), you can shut it down.