Women Painters.com: Paint Issues and Fixes:

Yellowing

Development of a yellow cast in aging paint; most noticeable in the dried films of white paints or clear varnishes.

Possible Causes:

Solution

Top quality latex paints do not tend to yellow, nor does non-yellowing varnish. Alkyd paints, because of their curing mechanism, do tend to yellow, particularly in areas that are protected from sunlight.