There are two major problems when working with colors in 3ds Max:
1. Color profile - For example 100% red color(RGB: 255 0 0) from the Internet (in sRGB color space) on wide gamut monitor is a lot more saturated than it should be.
2. Color gamma - For example if you want to work in linear space (Linear Work-flow) then mid gray color(RGB: 128 128 128) with gamma 2.2 should be translated to 3ds Max as (RGB: 55 55 55).
It's not so difficult to deal with these problems if you know what you are doing and start your scene from scratch. There are many great source of information and tutorials (including this forum), that you can find and learn how to do it step by step. The problem comes when you want to add or edit some old scene to your current project. You have to manualy convert every color and every material to match your current settings and this can be very time consuming.

This is our solution for color management and gamma correction for objects and scenes in 3ds Max:
Try it and let us know what you thing and what can be improved?