British Museum blog

Bubbles and bankruptcy: financial crises in Britain since 1700

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797Thomas Hockenhull, curator, British Museum

The 2008 banking crisis plunged the UK into a recession from which it has been struggling to recover ever since. However, this crisis is not the first to have affected Britain and it is unlikely to be the last. Here in the Department of Coins and Medals we decided to look at the bigger picture in an exhibition looking back at Britain’s financial crises since the 1700s.

Drawing upon our extensive collection, we found we had an object that related to almost every crisis to affect Britain since the advent of organised banking. This material ranged from share certificates for companies that failed and notes from failed banks, to reports and recriminations about crises. In some cases these objects are fragile and sensitive to light, meaning that they can never go on permanent display.

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797.

Political-ravishment, or the old lady of Threadneedle-Street in danger!, print, James Gillray, 1797.

For the rest of the exhibition we wanted to show how ordinary people have, and will continue, to respond to financial crisis. Numerous cartoons and satirical prints have been produced over hundreds of years relating to crises, including a James Gillray print from 1797.

Champagne bottle given to a Northern Rock employee in 1997.

Champagne bottle given to a Northern Rock
employee in 1997.

Additionally, the artist Steve Bell – perhaps best known for his work in The Guardian newspaper – has loaned a work from 2011 entitled ‘Bank Levy’ that depicts a banker as a distraught fat cat in a suit having its claws clipped by the Chancellor George Osborne.

Other exhibits, for example, include a champagne bottle given out by Northern Rock to its employees when the Building Society demutualised to become a bank in 1997. This object was retained by its recipient, a former employee, and provides an ironic reminder that demutualisation was greeted optimistically, supposedly enabling Northern Rock to expand its business more easily.

Instead, history records that its investment portfolio would fail within 10 years, triggering the first run on a UK bank since that which occurred during the collapse of Overend, Gurney and Co. in 1866.

The collapse of Overend, Gurney and Co. features elsewhere in the exhibition and, in both instances the banks failed because their customers lost faith in their ability to protect and reinvest their savings.

 

The centrepiece of the exhibition is a contemporary sculpture by Justine Smith, a London-based artist. Made from real UK banknotes built into a house of cards, the artwork neatly symbolises the occasionally precarious nature of financial investment.

I hope many people will get a chance to come and see the display, to find out how 300 years of boom and bust have helped to shape Britain’s financial landscape.

Bubbles and bankruptcy: financial crises in Britain since 1700 is open from
29 November 2012 to 5 May 2013.

If you would like to leave a comment click on the title

Filed under: Exhibitions, ,

2 Responses - Comments are closed.

  1. Skm williams says:

    A very very small exhibition.

    Like

  2. William Hanbury says:

    Seriously very bad. Small, poorly researched, few artefacts and badly presented.

    Like

Enter your email address to follow this blog and receive notifications of new posts by email.

Join 12,866 other followers

Categories

Follow @britishmuseum on Twitter

British Museum on Instagram

Legend has it that #onthisday in 753 BC Romulus founded Rome. Here's the myth on this coin
#history #coin #Rome #Romulus Happy birthday to #QueenElizabeth II, who is 89 today! Here’s a photo of her visiting the Museum in 1957
#history #Museum #BritishMuseum #Queen Odilon Redon was born #onthisday in 1840. This is one of Redon's (1840-1916) most famous coloured pastels, and was first shown in the gallery of Durand-Ruel - the favoured dealer of the Impressionists - in 1894. There it was seen by Tatiana Tolstoy, the daughter of the great Russian novelist Leo Tolstoy, who noted in her diary: 'One of them whose name I could not make out-something like Redon-had painted a face in blue profile. On the whole face there is only this blue tone, with white-of-lead.' Tolstoy quoted this in his diatribe against contemporary art, 'What is Art?', first published in 1898, as irrefutable evidence of the degenerancy of modern art.

One of many studies of female profiles in Redon's work, La Cellule d'Or ('The Golden Cell') suggests introspection, its golden glow embodying the power of thought. The intense colour and strict composition recall the portraits of the early Florentine Renaissance. Here however, the feeling dominates over objective representation; the blue and gold halo are the traditional colours of the Virgin Mary, but no further religious message intrudes.

The drawing is made on paper in oil paint over a white ground, which gives the colour its luminous intensity.
#art #history #drawing #artist Construction of St Peter’s Basilica began #onthisday in 1506. It was completed 120 years later. This print by Giuseppe Vasi was made in 1774
#print #art #history #Rome #Italy Happy 134th birthday @natural_history_museum! Here’s the British Museum before the natural history collection moved to South Kensington
#giraffe #history #BritishMuseum #museum Most Greek sculpture that survives from antiquity is carved from white marble, of which the Mediterranean has many natural sources. A relationship has often been assumed between the pure white of freshly cut marble and the idealism of Greek art. In fact, the opposite is true. Colour was intrinsic to ancient ideas of beauty. For centuries this has been a subject of fascination and controversy. The great Italian Renaissance sculptor Michelangelo revived the Greek idea of the human body but denied the use of colour. This was partly due to negative associations with the painted saints of the medieval period. During the European Enlightenment of the 1750s onwards, and increasingly into our own time, the preferred aesthetic was a truth to materials. Painting and gilding were seen as unnecessary and undesirable.

Sculpture in antiquity was often adorned not only with colour but also with different materials. The Greek marble statue of an archer reconstructed here was drilled and fitted with metal attachments. The figure originally held a bronze bow and arrow and a quiver was fixed to his left hip by a metal dowel. Individual locks of hair were made of lead. The colourful design of the man’s knitted all-in-one garment, often worn by peoples from the east, is clearly seen weathered into the marble surface under controlled lighting.

You can see this wonderful object in our exhibition #DefiningBeauty, until 5 July 2015.
#exhibition #BritishMuseum #ancientGreece #sculpture #art

Plaster cast of archer with reconstructed paint, based on a Greek original of about 490–480 BC, from the Temple of Aphaia at Aigina. Staatliche Antikensammlung und Glyptothek, Munich.
Follow

Get every new post delivered to your Inbox.

Join 12,866 other followers

%d bloggers like this: