Yes, there are artists that make knives like this

Does the manipulation of the panel allow the mechanism free movement and then as a lock?

Switchblade. The "button" is hidden in the artwork. The panel is part of what's referred to as a "locket" panel with a hidden image under it.
 
I respect artists of all flavor. Especially those that are the utmost craftsman who make and then embellish their works. The thing at the top of this thread is an incredible work of art which took an absolutely unimaginable skill set and countless hours of labor. I, however, see it as something belonging in the trinket bin at the local medieval festival that I wouldn’t bring home if it were free. Beauty is in the eye of the beholder, and I wouldn’t be caught beholding it. Others would pay incredible sums of money for it. Such is the world of Art… some of the others thought I would pay big money for (if I had it) just to put it on a wall and look at it. Only takes a couple people who are rich as all get pout and think they need an item to make it valuable. 1 person thinking something is valuable isn’t enough… nobody to bid him up at the auction.
 
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