I am not too keen on selective colouring and I don't know much about Photoshop (if that is what you used) but I like the idea and it looks like hard work to properly select the ribbon and I think you've done it well. On my screen (not calibrated) the red is not red enough for my liking and the B&W part looks a bit grey. Maybe a bit more satuation for the red and better contrast on the rest of the picture would help.