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The Classic Portrait of John Law at Versailles
This full-length portrait depicts John Law, a Scottish economist, banker, and financial theorist, portrayed in his capacity as Contrôleur Général des Finances of France in 1720. The engraving, created by Leon Schenk and published by Pieter Schenk in Amsterdam, appeared in Het Groote Tafereel der Dwaasheid (The Great Mirror of Folly), a collection documenting the financial collapses of the early 18th century, including the infamous Mississippi Bubble.
John Law stands in an authoritative pose, holding a walking stick in his right hand and a paper in his left. The paper features a line from Psalm 45:2, likely intended to draw attention to his controversial influence and perceived hubris. He is dressed in ornate 18th-century attire, emphasizing his status and role within the French court. The backdrop reveals part of the gardens at Versailles, symbolizing the grandeur and ambition associated with his economic policies under the regency of Philippe II, Duke of Orléans.
Law's tenure as Contrôleur Général des Finances is closely tied to his implementation of the economic "System," an attempt to alleviate France's national debt by creating a central bank that issued paper currency. This currency was exchangeable for shares in the Mississippi Company, tasked with developing the Louisiana Territory. The speculative frenzy surrounding these shares led to the collapse of the Mississippi Bubble in 1720, resulting in widespread financial ruin for investors. While the collapse was catastrophic, the scheme indirectly contributed to the establishment of New Orleans and laid the groundwork for modern financial systems.
Below the portrait is an inscription that identifies Law’s name, title, and the year 1720, followed by a four-line French satirical poem mocking his financial schemes. This mockery reflects the broader public disdain for Law following the failure of his policies, which became emblematic of financial overreach and speculative folly.
Peter Schenk the Elder (1660-1711) moved to Amsterdam in 1675 and began to learn the art of mezzotint. In 1694 he bought some of the copperplate stock of the mapmaker Johannes Janssonius, which allowed him to specialize in the engraving and printing of maps and prints. He split his time between his Amsterdam shop and Leipzig and also sold a considerable volume of materials to London.
Peter Schenk the Elder had three sons. Peter the Younger carried on his father’s business in Leipzig while the other two, Leonard and Jan, worked in Amsterdam. Leonard engraved several maps and also carried on his father’s relationship with engraving plates for the Amsterdam edition of the Histoire de l'Académie Royale des Sciences.
L. Schenk Jansz, or Leonard Schenk, was a member of the Schenk family of engravers. His father, Peter Schenk the Elder (1660-1711) moved to Amsterdam in 1675 and began to learn the art of mezzotint. In 1694 he bought some of the copperplate stock of the mapmaker Johannes Janssonius, which allowed him to specialize in the engraving and printing of maps and prints. He split his time between his Amsterdam shop and Leipzig and also sold a considerable volume of materials to London.
Peter Schenk the Elder had three sons. Peter the Younger carried on his father’s business in Leipzig while the other two, Leonard and Jan, worked in Amsterdam. Leonard engraved several maps and also carried on his father’s relationship with engraving plates for the Amsterdam edition of the Histoire de l'Académie Royale des Sciences.
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