This song was first released as the second track on Dylan's 1965 album, "Bringing It All Back Home".
The title of the song is obviously ironic, as the lyrics make it clear that the woman doesn't belong to anyone - "She's nobody's child, the law can't touch her at all." More likely he belongs to her as he says he is proud to serve her and is happy to "bow down to her on Sundays" and "salute her when her birthday comes."
There has been the usual speculation that the song is about Joan Baez. Apparently Dylan had given her an Egyptian ring which in earlier versions is described as an "Egyptian red ring".
The song has been released many times on compilation and live albums since the original recording, including a live performance from Dylan's 1969 Isle of Wight concert on "Self Portrait" (1970) and the May 17, 1966, Manchester concert on "The Bootleg Series Vol 4: Bob Dylan Live 1966, The 'Royal Albert Hall' concert (1998)" - though the venue was not actually the Albert Hall.
It has been covered by many artists, including Ricky Nelson, Leon Russell, The Grateful Dead and Barry McGuire. There is also a French version by Francis Cabrel called "Elle M'Appartient (C'est une Artiste)," which can be heard on YouTube.
You can hear a playlist of my Dylan covers here: http://www.youtube.com/view_play_list?p=59528B5FF2A1D108
Lyrics and chords of the songs I sing are on my website: http://www.raymondcrooke.com
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