Is there a 'box-shadow-color' property?

No:

http://www.w3.org/TR/css3-background/#the-box-shadow

You can verify this in Chrome and Firefox by checking the list of computed styles. Other properties that have shorthand methods (like border-radius) have their variations defined in the spec.

As with most missing "long-hand" CSS properties, CSS variables can solve this problem:

#el {
    --box-shadow-color: palegoldenrod;
    box-shadow: 1px 2px 3px var(--box-shadow-color);
}

#el:hover {
    --box-shadow-color: goldenrod;
}

Actually… there is! Sort of. box-shadow defaults to color, just like border does.

According to http://dev.w3.org/.../#the-box-shadow

The color is the color of the shadow. If the color is absent, the used color is taken from the ‘color’ property.

In practice, you have to change the color property and leave box-shadow without a color:

box-shadow: 1px 2px 3px;
color: #a00;

Support

• Safari 6+
• Chrome 20+ (at least)
• Firefox 13+ (at least)
• IE9+ (IE8 doesn't support box-shadow at all)

Demo

div {
    box-shadow: 0 0 50px;
    transition: 0.3s color;
}
.green {
    color: green;
}
.red {
    color: red;
}
div:hover {
    color: yellow;
}

/*demo style*/
body {
    text-align: center;
}
div {
    display: inline-block;
    background: white;
    height: 100px;
    width: 100px;
    margin: 30px;
    border-radius: 50%;
}

<div class="green"></div>
<div class="red"></div>

The bug mentioned in the comment below has since been fixed :)

You could use a CSS pre-processor to do your skinning. With Sass you can do something similar to this:

_theme1.scss:

$theme-primary-color: #a00;
$theme-secondary-color: #d00;
// etc.

_theme2.scss:

$theme-primary-color: #666;
$theme-secondary-color: #ccc;
// etc.

styles.scss:

// import whichever theme you want to use
@import 'theme2';

-webkit-box-shadow: inset 0px 0px 2px $theme-primary-color;
-moz-box-shadow: inset 0px 0px 2px $theme-primary-color;

If it's not site wide theming but class based theming you need, then you can do this: http://codepen.io/jjenzz/pen/EaAzo