As discussed in the footnote to lot 12, the South Sea Bubble was a rampant, widespread 1720s financial speculation that led to financial ruin and even imprisonment in both Holland and England. Spoofs of the foolish and greedy investors were published in many media, often using the popular Commedia dell'Arte Harlequin to mock investor buffoonery. One influential satirical work published in Amsterdam in 1720 was titled This great Theatre of Folly, representing the origin, progress and downfall of the South Sea Bubble in France, England and Holland. Engravings of this type eventually made their way to China, to be copied onto porcelain.
The best-known series of export "Bubble" plates show Commedia figures in doucai enamels alongside Dutch inscriptions lampooning both swindlers and speculators. Another variant in verte enamels is seen in lot 12. This version, with its exaggerated poses of Harlequin, whose features have become almost Asian, was found in the Dreesman Collection, no. J-83, sold Christie's, Amsterdam, 16 April 2002, lot 1309 (a set of five plus one repeat). Others are illustrated by Hervouët and Bruneau (op. cit., pp. 216-217), who note that this series is more rare than the doucai, and "very rare to find in the salerooms or antique dealers'".