The artwork depicts a group of children and young adults standing triumphantly on the wreckage of a crumbling urban structure, their expressions a mix of defiance and melancholy. They hold aloft a tattered yet resilient flag, symbolizing hope amidst adversity. The figures are depicted as marginalized individuals, emphasizing their struggle and resilience. The only splash of color in the piece is a radiant golden or silvery celestial element—a sun or moon—illuminating the otherwise somber grayscale palette, heightening the sense of both despair and aspiration. The composition is a poignant homage to Joe Rosenthal’s iconic photograph Raising the Flag on Iwo Jima, reimagined to reflect the modern struggles of the disenfranchised in an urban landscape. This piece captures a moment of unity and determination against the backdrop of societal decay. Children are often a central motif in Banksy‘s work, used to symbolize the future as well as the severity of the issues being addressed. 

Flag comes into two different versions. Flag (Silver) is the largest edition ever released by Banksy made of 1,000 unsigned prints. Flag (Gold) was released in 2007, in a much smaller size edition of 112 signed prints.

Banksy also released, in 2008, a version of Flag (Silver) printed on Formica, in an edition of 20 signed prints, and a version of Flag (Gold) printed on Formica in an edition of 23 signed prints. The Silver Edition was released as part of Banksy’s London Santa’s Ghetto exhibit in December 2006. 23 signed, silver prints were also printed on Formica. The Gold Edition was released and available only to buyers in person in 2007 at Santa’s Ghetto in Bethlehem. This, too, was given a special edition of 20 that were printed on Formica.