Marcel Duchamp

Edmond Bomsel, Paris (acquired directly from the artist)
Private Collection, France (acquired from the above circa 1960)
Acquired from the above by the present owner

Ecke Bonk, Marcel Duchamp, The Portable Museum, The Making of the Boîte-en-valise de ou par Marcel Duchamp ou Rrose Sélavy, London, 1989, another example illustrated no. 57, p. 101
Arturo Schwarz, The Complete Works of Marcel Duchamp, London, 1997, no. 406, another example illustrated pp. 387 & 703
Francis M. Naumann, Marcel Duchamp, The Art of Making Art in the Age of Mechanical Reproduction, New York, 1999, another example illustrated p. 102
André Breton, Le Surréalisme et la peinture, Paris, 2006, another example illustrated p. 123
Francis M. Naumann, The Recurrent, Haunting Ghost, Essays on the Art, Life and Legacy of Marcel Duchamp, New York, 2012, pp. 104-111, another example illustrated p. 104

Executed on white wove paper [with mechanically-printed colour elements conceived by the artist], not laid down. This work is recto-verso and is floating in the mount between two sheets of glass. The photograph by Man Ray has oxidised over time (the colours of the catalogue illustration are fairly accurate) and a close inspection reveals some small areas of surface abrasion which have been stabilised and harmonised. There is a small tear across the upper left corner of the sheet and two small nicks to the edges towards the lower right corner. The signatures have not faded. The ink stamps bearing the edition number '27' appear to have faded throughout, although upon close inspection they are clearly visible. Apart from some time-staining, mostly along the edges, this work is in reasonably good condition. [The two distinct lines of creasing, one vertical and one horizontal were the artist's intention. All examples from the edition were executed in such a manner so as to resemble a folded deed.]
"In response to your inquiry, we are pleased to provide you with a general report of the condition of the property described above. Since we are not professional conservators or restorers, we urge you to consult with a restorer or conservator of your choice who will be better able to provide a detailed, professional report. Prospective buyers should inspect each lot to satisfy themselves as to condition and must understand that any statement made by Sotheby's is merely a subjective, qualified opinion. Prospective buyers should also refer to any Important Notices regarding this sale, which are printed in the Sale Catalogue.
NOTWITHSTANDING THIS REPORT OR ANY DISCUSSIONS CONCERNING A LOT, ALL LOTS ARE OFFERED AND SOLD AS IS" IN ACCORDANCE WITH THE CONDITIONS OF BUSINESS PRINTED IN THE SALE CATALOGUE."

In 1924, whilst in the South of France to attend a chess tournament, Marcel Duchamp devised a system of wagering which he could apply to the roulette tables of Monte Carlo in his quest to 'break' the casino. After somewhat slow but steady success, he realised he would need to be more ambitious if he wanted to expand his profits. In order to raise the funds required to finance the increased wagers, Duchamp decided to issue stocks in his new company which would be established by the purchase of a bond. As irreverent as it is brilliant, Duchamp’s Monte Carlo Bond was carefully designed and issued by the artist himself. Drawing on imagery from contemporary popular culture, features such as Duchamp’s inclusion of Man Ray’s anthropomorphic photograph of him with his hair lathered in soap to resemble oversized animal ears and the repetition of the printed pun “moustiques domestiques demistock” were no doubt designed with humorous intent but, as Francis Naumann explains, ‘it was also to be understood as a bona fide legal document’ (Francis M. Naumann, ‘Monte Carlo Bond’ in The Recurrent Haunting Ghost, New York, 2012, p. 107).

Duchamp sent a sample of the bond to the editor of a well-established literary journal in New York in the hopes of soliciting investors through an advertisement. Jane Heap promptly advised her readers that “[i]f anyone is in the business of buying art curiosities as an investment, here is a chance to invest in a perfect masterpiece. Marcel’s signature alone is worth much more than the 500 francs asked for the share.” (Jane Heap, ‘Comment’ in The Little Review 10, no. 2 (Autumn & Winter 1924-25), p. 18).

Although thirty bonds were issued, the only known purchasers of the bonds were a handful of the artist’s friends (such as Jacques Doucet, Ettie Stettheimer, George Hoyningen-Hune, and Marie Laurencin amongst others) whose bonds were duly adorned with a 50 centimes stamp and signed with the initials ‘R S’, officially entitling their owners to collect shares in the dividends of the company.

Duchamp’s system was not a roaring success, although he did break even, and by the late 1930s the artist had already come to accept his Monte Carlo Bond as purely a work of art; incorporating it into his Boîte-en-valise and presenting the original Bond no. 12 to the Museum of Modern Art in New York.