In an unpublished condolencing epistle from a friend of the Medici family to
Piero, son of Cosimo, when the leader of the House of the Medici passed away,
it is reported that the pious old man would say to himself; “Be patient, Lord,
and I will return everything to You”. Indeed, Cosimo spent on the creation of
institutes and artworks an overall 193,000 florins, while the significant wealth
of the Medici is estimated to have been a total of 200,000 florins.
Societal conditions of the production of artworks
Particular political, economic, societal and spiritual conditions allowed the
cultural revolution of the Renaissance to flourish in its fullest form in the
Italian peninsula.
Economy of Florence
The main sources of revenue of the
economy of Florence were banks, textiles
and international trade. The valid
currency, the florin, was initially minted
in 1252 and became an international
economic constant.
The guilds of craftsmen and
professionals were the centre of the
4) Florin of 1347
Florentine economy. The various guilds
represented recognized business
activities, from butchers to lawyers. Guilds set standards for the professions;
apprenticeship conditions, qualifications to join the guild, quality of materials
and work, limitations for poor representation and fraud. They imposed
discipline on their members, and a merchant court settled their differences.
Apart from the strict business issues, guilds had been involved in religious
matters and charities. They participated in great religious celebrations and
were responsible for the celebrating day of the saints who protected them. In
addition, they were responsible for the care and finance of the city’s churches
and of thirty “hospitals”, meaning therapeutical charitable foundations.
Consequently, Florence without guilds would be a city deprived of its economic
power, charity and compassion.
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