The Panic of 1884 was an economic panic during the Depression of 1882–1885. It was unusual in that it struck at the end rather than the beginning of the recession. The panic created a credit shortage that led to a significant economic decline in the United States, turning a recession into a depression.
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Panic of 1884 in the context of Gauguin
Eugène Henri Paul Gauguin (/ɡoʊˈɡæn/; French: [øʒɛn ɑ̃ʁi pɔl ɡoɡɛ̃]; 7 June 1848 – 8 May 1903) was a French painter, sculptor, printmaker, ceramist, and writer, whose work has been primarily associated with the Post-Impressionist and Symbolist movements. He was also an influential practitioner of wood engraving and woodcuts as art forms. While only moderately successful during his lifetime, Gauguin has since been recognized for his experimental use of color and Synthetist style that were distinct from Impressionism.
Gauguin was born in Paris in 1848, amidst the tumult of Europe's revolutionary year. In 1850, Gauguin's family settled in Peru, where he experienced a privileged childhood that left a lasting impression on him. Later, financial struggles led them back to France, where Gauguin received formal education. Initially working as a stockbroker, Gauguin started painting in his spare time, his interest in art kindled by visits to galleries and exhibitions. The financial crisis of 1882 significantly impacted his brokerage career, prompting a shift to full-time painting. Gauguin's art education was largely self-taught and informal, shaped significantly by his associations with other artists rather than academic training. His entry into the art world was facilitated by his acquaintance with Camille Pissarro, a leading Impressionist. Pissarro took on a mentor role for Gauguin, introducing him to other Impressionist artists and techniques.