1997 marked 700 years of rule by the Grimaldi family in Monaco. Indiana completed two Monaco 7 paintings in honor of the occasion, this painting, in the red and white of the country's flag, and another in red, blue, and white. He also completed two sculptures, SEVEN (1980–1997) and 700 (1980–1997), which were shown in the VIème biennale de sculpture Monte-Carlo (May 24–October 31, 1997). These works diverge from Indiana's program of numbers and their color associations in his work, in which the number seven is assigned the colors blue and orange, as seen in the paintings Seven (1964–65) and The Seventh American Dream (1998), and the sculpture SEVEN of ONE Through ZERO (The Ten Numbers) (1978–2003).
