How does the Max Asset Versions setting affect existing versions?

If you adjust the Max Asset Versions setting under Administration > Preferences > Content and the new value causes a given asset to have more than the allowed number of Versions, the Version chain will be trimmed for this asset the next time it's edited and submitted. For example, consider the following scenario:

• Max Asset Versions had previously been set to 0 (unlimited).
• Page A has 35 versions.
• The Max Asset Versions is changed to 20.
• Page A is edited and submitted.
• The oldest 15 Versions for Page A are deleted, leaving the 20 most recent Versions including the current version of the page.