The South Sea Scheme

"The South Sea Scheme" by William Hogarth, executed in 1722, is a powerful early example of the artist's celebrated graphic satire. This early work, classified as a print, was meticulously produced using the techniques of etching and engraving, and the version held by the Metropolitan Museum of Art represents the seventh and final state of the composition. Hogarth created this visual indictment shortly after the catastrophic financial crash of 1720, known as the South Sea Bubble, functioning as a scathing critique of the moral and economic chaos that seized London society.

Hogarth employs dense allegory and caricature to depict the widespread greed and folly associated with the scheme. Amidst detailed architectural settings and financial buildings, a multitude of figures including both Men and Women are shown scrambling, fighting, and climbing the unreliable wheel of fortune, symbolizing the destructive forces of avarice and reckless speculation. Justice, often depicted blindly, is seen being whipped, while other figures are shown literally worshipping the goddess of wealth, Folly. The inclusion of symbolic Animals, such as a grotesque sow offering sacrificial victims and figures adorned with ass's ears, further underscores the base irrationality of those participating in the financial craze.

This detailed satirical print demonstrates Hogarth’s burgeoning command of graphic art, foreshadowing his later series on moral subjects. As a vital historical document of early 18th-century British political and social life, the work remains a key piece within the Metropolitan Museum of Art collection. Because this foundational satirical work is now in the public domain, high-quality prints and scholarly reproductions by Hogarth are widely accessible for public reference and study.