The World's first Global Stock Market Bubble Illustrated
STOCK MARKET - [THE GREAT MIRROR OF FOLLY.] Het groote Tafereel der Dwaasheid.[The great mirror of folly, showing the rise, progress and downfall of the bubble in stocks and windy speculation, especially in France, England and the Netherlands in the year 1720, being a collection of all the terms and proposals of the incorporated companies... with prints, comedies and poems published by various amateurs, scoffing at this terrible and deceitful trade...] n.p. [Amsterdam, after 1720.]
Folio, pp. [ii], 25, [1], 52, 26, 29-31 (thus complete), [1], 8, 10, engraved frontispiece (Muller plate No.1), title printed in red and black (Cole version 2), text in double columns, and 74 engraved plates (2 of them in duplicate), mostly double-page, and/or folding, including maps, portraits, playing cards, broadsides; text a little browned, due to paper quality, some foxing; plates generally clean and crisp, one plate cropped at foremargin, with loss of text, but not to image; contemporary full mottled panelled calf, spine gilt in compartments, sides with rich gilt decoration, head and tail of spine repaired, corners strengthened; a good copy.
The classic, rare, literary and pictorial satire on John Law's 'system' and the wild speculation in stocks at that time. As part of Law's well-conceived plan to finance the French national debt, funds were raised, a portion of which was invested in the 'Compagnie d'Occident' which was given rights to exploit trade in Louisiana and Canada. The underlying plan was sound but unprecedented wild speculation sent the share price rocketing to unrealistic levels. Inevitably the 'bubble' burst; the Company was bankrupted and many investors ruined, and the 'Système Law' unfortunately discredited. Law himself had foreseen the developments and had withdrawn funds from the French scheme to invest in the British South Sea affair which was being set up at that time. This 'bubble' also burst, in 1720.
'Rarely does a single volume combine in itself so much economic interest... in neither of these countries [France and England], however, did appear such a stout and extravagant piece as this Dutch volume' (Cole, p. 1).
Each copy of this work is unique. The number of plates varies from 60 to 90 (though generally around 70) and the order of the text and the plates differs from copy to copy. The present copy has the regular plates 1-23, 25, 28, 30-51, 53-68, 70 - 73, with 36 and 37 bound in twice in different places), as well as the supplementary plates 1, 2, 4 and 5. This includes the very uncommon 'Register of all the prints' (first issue with 47 prints listed and a further one added in ink), and a fascinating portrait of Madame Law.
In addition to the vivid portrayals of the 'wind-trade' and stock market frenzy, the double-page folding plate with playing cards known as Aprilkaart (65), and the Magic card (73) are particularly appealing. The special feature of this copy is the etched portrait of Madame Law, but not with the usual richly decorated border of scrolls, foliage, fruits and flowers, but surrounded by Callot style figures of dwarves. This border has been used on another print in the collection of de Koninklijke Bibliotheek Den Haag (see BM 1868-0808-9693.)
Arthur H. Cole, The Great Mirror of Folly, 1949; Sperling, The South Sea Company, 205; Kress 3217; Goldsmiths 5879; Sabin 28932; Lipperheide 3550; see Goetzmann et al, The Great Mirror of Folly, Finance, Culture, and the Crash of 1720, 2013.
