Auction 173, Lot 448

"Rue Quin Quempoix en l'Annee 1720", Anon.

Subject: Satire - Stock Trading

Period: 1720 (published)

Publication: Het Groote Tafereel der Dwaasheid

Color: Black & White

Size:
14.3 x 10.1 inches
36.3 x 25.7 cm

These satirical engravings are from the important account of one the most infamous financial meltdowns in history, known as the Mississippi Bubble incident. This street scene depicts a chaotic picture of the "wind trade" on the rue Quinquempoix in Paris. On a sheet of Dutch text measuring 17.1 x 14.9".

John Law, a Scottish financier, established the Banque Generale (central bank) in France. He was then granted control of Louisiana and founded the Compagnie de la Louisiane d'Occident, in 1717. Law developed an elaborate plan to exploit the fabulous resources of the region, which quickly gained popularity and people rushed to invest, not just in France, but throughout Europe. This resulted in the development of several other overseas companies, such as the English South Sea Company and a number of smaller companies in the Dutch Republic. The share price of the (Carte du Mexique et de la Floride) rose dramatically in a frenzy of speculation. In 1720 the bubble burst; speculators cashed in, caused a run on the shares, and the company went bankrupt. As a consequence of the failure, confidence in other similar companies failed, and thousands of individual investors across Europe were ruined.

References:

Condition: A

A dark impression on a bright sheet with minor soiling in the bottom blank margin and a professionally repaired centerfold separation also in the bottom margin.

Estimate: $110 - $140

Sold for: $80

Closed on 6/5/2019

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