The Display Color rollout specifies whether 3ds Max displays objects using their wireframe colors (also known as object colors) or their diffuse material colors, when the objects have their display properties set to By Object.
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Display panel > Display Color rollout
If the display properties of an object is set to By Layer, the layer color is used for viewport display. You can choose one method for wireframe display and a different one for shaded display. In each shading mode you can specify whether the material or the object color is used.
By default, all new objects have their display properties set to By Object. You can change this default by turning on Default to By Layer for New Nodes. When this switch is off (the default), all new objects created in 3ds Max display in the viewports using the settings on the Display Color rollout. A toggle for switching individual objects between By Object and By Layer is available in the Object Properties dialog 
Display Properties group.
If the object color box displays black and white rectangles, this indicates that the object has its display properties set to By Layer.
Interface
- Wireframe
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Controls the color of objects when the viewport is in wireframe display mode.
- Object Color Displays the wireframes in object color.
- Material Color Displays the wireframes using the material color.
- Shaded
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Controls the color of the object when the viewport is in any shaded display mode.
- Object Color Displays the shaded objects using the object color.
- Material Color Displays the shaded objects using the material color.