The optical properties of the bisazomethine pigments Pigment Yellow 101 (P.Y.101) and three derivatives are investigated employing density functional theory (DFT) and time-dependent DFT (TDDFT). P.Y.101 and one of its derivatives exhibit unusual solid state fluorescence, although both possess OH groups and the latter pigment has particularly small intermolecular distances in its crystal, which are both properties that contradict common empirical rules for fluorescent pigments. Here it is shown that the OH groups are indeed essential for molecular fluorescence of the pigments due to the necessary formation of an intramolecular hydrogen bond with the lone pairs of the bisazomethine nitrogens. Furthermore, the quenching mechanism of molecular fluorescence in the non-fluorescent derivatives is analyzed in detail and a CNN bending motion of the central bisazomethine substructure is identified to be the relevant reaction coordinate along which efficient fluorescence quenching occurs in the individual molecule as well as in the crystal. Electron transfer quenching, which usually is expected to be an important quenching mechanism in aggregated media (here the crystals), is ruled out for the studied bisazomethine pigments. The solid state fluorescence properties of the pigments can finally be understood as conserved molecular properties of the individual pigment molecules.