Due to the very small edition size of this print, it has not appeared at auction since it was acquired by its present owner at Christie's in 1982, at which time it was consigned by The Chicago Art Institute. It is the last impression in private hands.
This lithograph is an example of Johns' methodology of building upon the past: proofs from a previous print serve as the basis for a new one. Johns took proofs of Flags (ULAE 43) that Tanya Grosman had stored, and added four more plates, radically altering the image. Johns drew and printed over the earlier proofs to transform his original composition from its conceptual and perceptual basis to a highly expressive and beautifully striking statement. Johns later reused three of these plates in Two Flags (Gray) (ULAE 120).