Boydell Shakespeare Gallery - Collapse

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By 1796, subscriptions to the edition had dropped by two-thirds. The painter and diarist Joseph Farington recorded that this was a result of the poor engravings:

West said He looked over the Shakespeare prints and was sorry to see them of such inferior quality. He said that excepting that from His Lear by Sharpe, that from Northcote's children in the Tower, and some small ones, there were few that could be approved. Such a mixture of dotting and engraving, and such a general deficiency in respect of drawing which He observed the Engravers seemed to know little of, that the volumes presented a mass of works which He did not wonder many subscribers had declined to continue their subscription.

The mix of engraving styles was criticised; line engraving was considered the superior form and artists and subscribers disliked the mixture of lesser forms with it. Moreover, Boydell's engravers fell behind schedule, delaying the entire project. He was forced to engage lesser artists, such as Hamilton and Smirke, at a lower price to finish the volumes as his business started to fail. Modern art historians have generally concurred that the quality of the engravings, particularly in the folio, was poor. Moreover, the use of so many different artists and engravers led to a lack of stylistic cohesion.

Although the Boydells ended with 1,384 subscriptions, the rate of subscriptions dropped, and remaining subscriptions were also increasingly in doubt. Like many businesses at the time, the Boydell firm kept few records. Only the customers knew what they had purchased. This caused numerous difficulties with debtors who claimed they had never subscribed or had subscribed for less. Many subscribers also defaulted, and Josiah Boydell spent years after John's death attempting to force them to pay.

The Boydells focused all their attention on the Shakespeare edition and other large projects, such as The History of the River Thames and The Complete Works of John Milton, rather than on lesser, more profitable ventures. When both the Shakespeare enterprise and the Thames book failed, the firm had no capital to fall back upon. Beginning in 1789, with the onset of the French revolution, John Boydell's export business to Europe was cut off. By the late 1790s and early 19th century, the two-thirds of his business that depended upon the export trade was in serious financial difficulty.

In 1804, John Boydell decided to appeal to Parliament for a private bill to authorise a lottery to dispose of everything in his business. The bill received royal assent on 23 March, and by November the Boydells were ready to sell tickets. John Boydell died before the lottery was drawn on 28 January 1805, but lived long enough to see each of the 22,000 tickets purchased at three guineas apiece (£220 each in modern terms). To encourage ticket sales and reduce unsold inventory, every purchaser was guaranteed to receive a print worth one guinea from the Boydell company's stock. There were 64 winning tickets for major prizes, the highest being the Gallery itself and its collection of paintings. This went to William Tassie, a gem engraver and cameo modeller, of Leicester Fields (now Leicester Square). Josiah offered to buy the gallery and its paintings back from Tassie for £10,000 (worth about £620,000 now), but Tassie refused and auctioned the paintings at Christie's. The painting collection and two reliefs by Anne Damer fetched a total of £6,181 18s. 6d. The Banks sculpture group from the façade was initially intended to be kept as a monument for Boydell's tomb. Instead, it remained part of the façade of the building in its new guise as the British Institution until the building was torn down in 1868–69. The Banks sculpture was then moved to Stratford-upon-Avon and re-erected in New Place Garden between June and November 1870. The lottery saved Josiah from bankruptcy and earned him £45,000, enabling him to begin business again as a printer.