Man Ray (American, 1890-1976) Marcel Duchamp with Shaving Lather, for "Monte Carlo Bonds", c. 1924 Gelatin silver print, printed later 9-3/8 x 7-1/2 inches (23.7 x 19.1 cm) (image) 10 x 8 inches (sheet) Credit, titled and inscribed Coll Teeny Duchamp in an unknown hand in pencil, verso. Marcel Duchamp's Monte Carlo Bonds, created in 1924, were originally intended to be produced in editions of 30 and were the result of Duchamp's repeated experiments at the Monte Carlo Casino, where he repeatedly threw dice in order to accumulate profit. The bonds, intended as works of conceptual art as well as legal documents, featured this image by Man Ray of Duchamp with soapy hair mischievously fashioned into horns. HID12401132022 © 2026 Heritage Auctions | All Rights Reserved www.HA.com/TexasAuctioneerLicenseNotice

Neutral toned print on glossy, mid-weight paper with margins. One or two small dings and handling creases across surface, visible in a raking light only. In very good condition. Sold unmatted and unframed.