20th century MODERN school - Lot 174

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Lot n° 174
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Result : 550EUR
20th century MODERN school - Lot 174
20th century MODERN school Portrait of André KOSTOLANY disguised as John LAW, rue Quincampoix. Oil on canvas. H. 92.5 cm - W. 65.5 cm This portrait of André KOSTOLANY is a facetious reference to the monetary disaster of 1719. John LAW, banker, supported by the Regent, organized a paper money system from 1716. Unfortunately, the machine overheated, money printing went into overdrive and speculators entered the fray. Money supply rose from 400 million to 1 billion pounds in the space of 6 months in 1719! When the Regent, realizing a handsome capital gain, resold a significant number of shares, this was seen as a loss of confidence in the system. The money supply in banknotes became four times greater than the money supply. Rue Quincampoix, the headquarters of John LAW's General Bank, was the scene of rioting by panicked shareholders. The worthless bills were burned and John LAW fled to Germany. André KOSTOLANY, an economic historian who experienced a number of reverses of fortune, expresses his sense of derision here
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