While I couldn't rule out an odd bug since this is the first I've heard of this, let's assume it is the content.

Where did your materials comes from? Made in FXComposer or from a 3rd party?

If 3rd party have you tried making some native materials and do they show up?

The material library is dynamically rendered and if your material properties results in a black object under the lighting environment provided then this is a possible result.

MANY 3rd party apps do not interpret COLLADA effect properties correctly and as such set the material properties wrong.

Common mistakes.
* Alpha blending modes and values results in a fully transparent object
* The color properties in the material are just all black
* You are using textures and texture problems result in a black:
** missing (incorrect paths, incorrect assumption of path searching)
** an incompatible format11
** has an alpha channel and the values in combination with the alpha mode are producing the same results I mention above.
* The material's reference to the effect is an invalid ID so the material

I think the material panel's lighting could also be rotated. This is an unlikely cause of the problem but you could be seeing the backside of the material sphere.

If none of these appear to be related then also let me know what driver you are using and try the latest. There were some compat problems with very old drivers.