A Walk Through the Medici Dynasty

Having lived in Florence for several years, I’d be happy to share some insight on the House of the Medici; much of the beauty we see in Florence today is the result of Medici wealth. Firstly, I’ll be discussing the family’s foundation, then the early heads of the family, and finally the wealth, contributions, and decline of the family.

I Medici

The earliest known beginnings of the Medici family can be traced back to the late 13th century, to a merchant named Giovanni di Bicci de’ Medici who lived in Florence, Italy. He is considered to be the founder of the Medici bank and the patriarch of the Medici family. He was a successful businessman and made a significant fortune through banking and commerce. He also played an important role in the political and economic life of Florence, using his wealth to support the arts and patronize artists.

Giovanni di Bicci

Giovanni di Bicci de’ Medici, also known simply as Giovanni de’ Medici, was born in Florence in 1360 and died there in 1429. He was the founder of the Medici Bank, which was one of the most prosperous and influential banks in Europe during the 15th century. He established the bank in the 1390s and expanded it over the years through a network of branches and correspondents throughout Europe. The bank’s main focus was financing trade and commerce, and it played a significant role in the economic development of Florence.

In addition to his business endeavors, Giovanni de’ Medici was also involved in politics and used his wealth to support the arts, like any other Medici. He also commissioned architectural projects and supported the humanists, scholars, and artists of his time. He was also involved in the politics of Florence, serving on the city’s Signoria, or government council, on several occasions. He was a prominent figure in the city and played a key role in shaping the political and cultural landscape of Florence in the early 15th century.

Overall, Giovanni de’ Medici is considered to be the patriarch of the Medici family and the foundation of the family’s wealth and power. His descendants would go on to become some of the most powerful and influential people in Italy during the Renaissance, with many members of the family becoming rulers of Florence.

The Medici Bank

The early days of the Medici bank, founded by Giovanni di Bicci de’ Medici in the 1390s, were marked by steady growth and expansion. The bank was initially focused on financing trade and commerce, and it quickly established a network of branches and correspondents throughout Europe. One of its main areas of business was lending money to the cloth merchants of Florence, who were a major source of wealth for the city. The bank also provided other financial services, such as currency exchange and money transfer, and it issued its own letters of credit, which were widely accepted by merchants and traders.

The success of the bank was due in part to its reputation for honesty and reliability, as well as its connections to the powerful merchant families of Florence. The Medici family’s reputation and prestige also played a role in the bank’s success, as people were willing to trust their money with the Medici family.

In the early 15th century, the Medici bank had branches in major European cities such as Rome, Venice, Bruges, and Geneva. This allowed them to be well-connected with merchants, nobles, and political leaders across the continent.

Giovanni di Bicci de’ Medici and his son Cosimo the Elder were able to amass great wealth and power through the bank and use it to establish themselves as prominent figures in the city of Florence, and eventually play a central role in the political and cultural life of the city and the region. The bank would continue to be a major source of wealth and power for the Medici family for several generations, and would also support many artistic and cultural achievements of the Renaissance.

Cosimo the Elder

After the death of Giovanni di Bicci de’ Medici in 1429, the leadership of the Medici bank passed to his son Cosimo de’ Medici, also known as Cosimo the Elder. Cosimo the Elder was born in Florence in 1389 and he would come to be known as an able businessman and continued to expand the bank’s operations, solidifying its position as one of the most prosperous and influential banks in Europe. Cosimo the Elder was also a major patron of the arts and culture. He was a great supporter of the Florentine Republic and, like his father, he used his wealth to support humanist scholars, artists, and architects.

Under his patronage, Florence became a center of culture and learning. He supported many of the leading lights of the Renaissance, and his patronage helped establish Florence as one of the leading cultural centers of Europe during the 15th century.

In politics, he was a behind-the-scenes player, supporting the government of Florence but avoiding any formal political office. Despite this, his wealth and influence allowed him to exert significant control over the city’s government, and he is considered to have been the de facto ruler of Florence for many years. He was able to maintain the support of the powerful merchant families and was able to prevent the rise of any rival political factions.

Cosimo the Elder was also a great collector of books and manuscripts, and he established one of the first public libraries in Europe. He was also responsible for commissioning many architectural and artistic projects, including the construction of the famous Medici Palace in Florence (designed by Michelozzo di Bartolomeo), which served as the family’s residence and the headquarters of the Medici bank.

Piero the Gouty

Piero de’ Medici, also known as Piero the Gouty, succeeded his father Cosimo the Elder as the head of the Medici bank and the leader of the Medici family after his death in 1464. He was born in Florence in 1416 and died there in 1469. Piero inherited the wealth and power of the Medici family, but he was not as able or effective a leader as his father. He faced many challenges during his rule, including political opposition from rival factions in Florence and financial difficulties caused by the decline of the Medici bank. He was not able to maintain the same level of power and influence that his father had, and the Medici family’s prestige began to decline during his rule.

Piero was known for his physical ailment, gout, which made him often weak and unable to govern effectively. He was also criticized for his lack of political acumen, he was not able to maintain the support of the powerful merchant families and the political situation in Florence began to deteriorate under his rule.

In 1466, a popular rebellion broke out in Florence, and Piero was forced to flee the city. He managed to return to power with the help of the Duke of Calabria, but his authority was greatly diminished and he was not able to regain control of the government. Piero died in 1469, at the age of 53. After his death, the leadership of the Medici family then passed to his son, Lorenzo the Magnificent.

In sum, Piero was remembered less fondly than his father, and his reign is seen as a decline period for the family, but Lorenzo, on the other hand, was able to reestablish the family’s prestige and power in Florence.

Lorenzo the Magnificent

Lorenzo de’ Medici, also known as Lorenzo the Magnificent, became the leader of the Medici family and the head of the Medici bank after his father’s death in 1469. He was born in Florence in 1449 and died there in 1492. Lorenzo the Magnificent would also be known as a shrewd businessman and able politician, who was able to reestablish the Medici family’s power and prestige in Florence. He was able to stabilize the political situation in the city, and he successfully navigated the complex political landscape of 15th-century Italy. He was able to maintain the support of the powerful merchant families and the ruling class of Florence, and he was able to prevent the rise of any rival political factions.

Lorenzo was also one of the greatest patrons of the arts, literature, and science. He actively supported and encouraged the cultural achievements of the Renaissance period. He was a patron of many artists, writers, and scholars of his time, including Botticelli, Michelangelo, and Poliziano. Under his patronage, Florence became one of the leading cultural centers of Europe, and the Medici court was considered one of the most brilliant courts of the Renaissance.

Lorenzo’s rule also marked a cultural and intellectual flowering in Florence. Like his predecessor, he was a great collector of books and manuscripts, and he established one of the first public libraries in Europe. He was also responsible for commissioning many architectural and artistic projects, including the construction of the famous Villa Medici at Poggio a Caiano, where Sangallo created a villa all’antica. Furthermore, Botticelli, Perugino, Filippino Lippi and Domenico Ghirlandaio were hired to decorate this charming villa.

Lorenzo was also known for his love of music, and he supported and encouraged musicians in his court. Furthermore, he was a close friend of Angelo Poliziano and Marsilio Ficino and he encouraged the translation of ancient Greek literature into Latin and Italian.

In addition to being a patron of the arts, Lorenzo was quite the art connoisseur himself; he had a keen eye for art, and he amassed a vast art collection of sculptures, paintings, and decorative arts. Thanks to Lorenzo’s sponsorship, Sandro Botticelli’s famous paintings Primavera and The Birth of Venus became considered masterpieces of Renaissance art.

Lorenzo also played an important role in the political history of Florence and Italy, during his rule, he maintained a delicate balance of power between Florence and the other city-states of Italy and he also cultivated good relationships with the other major powers in Europe such as the Holy Roman Empire, and the Papacy. He was able to keep the peace in Florence, despite the constant rivalries and factions within the city, and he also avoided any major conflicts with other states, which helped the city to prosper.

His economic policies also helped the city’s economy to flourish, he was able to diversify the economy, promoting trade and manufacturing and supporting various industries, such as wool production, banking, and arms manufacturing, which helped the city to become one of the wealthiest in Italy. However, Lorenzo’s policies were not always popular, and in his later years, he faced increasing opposition from rival factions within the city.

As fascinating and complex of a man he was, there are quite a number of interesting anecdotes about this very man; some of them include:

• Lorenzo is said to have been so moved by Botticelli’s painting “Primavera” that he cried upon seeing it for the first time.
• He was also known for his wit and intelligence. He was fluent in several languages, and he was well-versed in literature, art, and science. He was also a gifted poet and orator. One of the most famous anecdotes about him is that he was once challenged to compose a poem on the spot by a visiting poet, and he is said to have composed a beautiful sonnet in just a few minutes, leaving his challenger speechless.
• Since he was a great lover of music, he was an accomplished musician himself. He would often organize musical performances at his palace and he would often play the lute and sing himself. He also supported and encouraged musicians, and many famous composers of the time such as Jacopo da Bologna were part of his court.
• Despite his refined tastes and cultured persona, Lorenzo was also known to be pragmatic, for he had a reputation for being a shrewd businessman and a clever politician. He would often use his wealth and influence to achieve his goals, and he was not above using underhanded tactics when necessary.
• A famous story about his political acumen happened during the Pazzi conspiracy, a plot to assassinate Lorenzo and his brother Giuliano. The plot failed, and the conspirators were caught, but Lorenzo decided to show mercy and spare the lives of the conspirators, allowing them to leave the city unharmed, showing his willingness to forgive, and also sending a message of strength and security to the city.

The Pazzi Conspiracy

The Pazzi Conspiracy was a plot to assassinate Lorenzo de’ Medici and his brother Giuliano, two of the most powerful figures in Florence, in 1478. The plot was led by Jacopo de’ Pazzi, a rival of the Medici family and other members of the Pazzi family, who had a banking rival and also held a grudge against the Medici for their political and financial power.

The conspirators planned to kill both brothers during High Mass at the Florence Cathedral on April 26, 1478. Jacopo de’ Pazzi and Francesco de’ Pazzi were to murder Giuliano, while the Archbishop of Pisa was to murder Lorenzo. However, their plan was not successful as Giuliano was killed but Lorenzo escaped.

After the failed assassination attempt, the Medici clan quickly took control of the city and moved against the conspirators. The Medicis had the support of the population and the important guilds of Florence, and they immediately arrested and executed many of the conspirators, including Jacopo de’ Pazzi and Francesco de’ Pazzi. They also arrested and exiled many other members of the Pazzi family, along with their allies, such as the Archbishop of Pisa.

The Pazzi conspiracy had far-reaching consequences, both in Florence and beyond. The failed assassination attempt further solidified the Medici family’s hold on power in the city, and it also marked the beginning of a long period of instability and conflict between Florence and the other city-states of Italy. It also strained relations between Florence and the Papacy, as the Pope had given his blessing to the plot, and the Pope would eventually excommunicate Lorenzo.

The Pazzi conspiracy also had a lasting impact on the culture of Florence, as it led to an outpouring of support for the Medici and an increase in the production of art and literature celebrating the family and their deeds, but also it led to a renewed emphasis on security and fortifications, and a tightening of the control of the government on the population.

The Medicis after Lorenzo

After the death of Lorenzo the Magnificent in 1492, the Medici family faced several challenges.

His son Piero II, who became the head of the Medici family and the ruler of Florence, was not as able or effective a leader as his father, and he was unable to maintain the same level of power and prestige that Lorenzo had. He faced many political and economic challenges, including the French invasion of Italy in 1494 and the rise of the Republic of Florence, which limited the Medici’s control over the city. He was forced to flee the city in 1494, and he died in exile in 1503.

After the death of Piero II, the leadership of the Medici family passed to his cousin Giovanni, who became Pope Leo X. He was able to restore the family’s prestige and power, but not to the level of Lorenzo the Magnificent. He continued to support the arts and culture as his predecessors had, and his papacy is remembered as an important cultural period of the Renaissance.

Giovanni’s successors as head of the Medici family, Lorenzo II, and Giulio, were not as successful, and their rule marked a decline in the family’s power and prestige. They faced several political and economic challenges, including the rise of the Duchy of Florence, which limited the Medici’s control over the city.

The Medici family continued to play a role in the politics and culture of Florence and the wider region, but they were no longer the dominant force they had been during the time of Lorenzo the Magnificent.

After the death of Gian Gastone de’ Medici, the last male heir of the Medici dynasty, in 1737, the Grand Duchy of Tuscany passed to the House of Habsburg-Lorraine through the marriage of his niece, ending the Medici rule as official rulers in Tuscany. However, members of the Medici family continued to play important roles in Italy and Europe as powerful figures and patrons of arts and sciences.

Some branches of the Medici family, like the one in the Duchy of Florence, lived on and still exist today, descendants of the original Medici dynasty live in different countries in Europe, but they are not known to have held any political or economic power.

The Medici’s legacy can still be seen in the many works of art, buildings, and institutions that they sponsored, many of which are still standing today and are major tourist attractions in Florence and other cities in Italy. Additionally, the Medici’s contributions to the arts, sciences, and politics continue to be studied and appreciated by scholars and the general public alike. During their primetime, the Medicis were responsible for the following constructions in Florence:

• Palazzo Medici-Riccardi: This palace was the first major architectural project undertaken by the Medici family, it was built in the 15th century and served as the residence of the Medici family. It is considered one of the most important examples of Renaissance architecture in Florence.
• Basilica of San Lorenzo: This is the main church of the Medici family, it was designed by Michelozzo and was built in the 15th century. It contains the tombs of several members of the Medici family, including Cosimo the Elder and Lorenzo the Magnificent.
• Palazzo Della Signoria: This palace was commissioned by Cosimo the Elder as the new headquarters of the city’s government, it is now known as the Palazzo Vecchio and serves as the city hall.
• Palazzo Pitti: This palace was built in the 15th century and was purchased by the Medici family in the 16th century, it served as the main residence of the Medici Grand Dukes. It now houses several museums, including the Palatine Gallery and the Museum of Costume and Fashion.
• Church of Santa Maria Novella: The Medici family sponsored the construction of the Dominican church of Santa Maria Novella, they also commissioned several works of art for the church including frescoes by Andrea and Nardo di Cione.

• Church of San Lorenzo: The church was built in the 14th century, it is the main church of the Medici family and contains the tombs of several members of the family. The Medici also commissioned sculptures, frescoes, and other artworks to be placed inside the church.
• Medici Chapels: The Medici commissioned the construction of the New Sacristy, also known as the Medici Chapels, which is located next to the Church of San Lorenzo. The tombs of Lorenzo the Magnificent and his brother Giuliano are in there.
• The Uffizi Gallery: Initially built as the offices for the city’s magistrates, the Uffizi was transformed into a gallery in the 16th century by the Medici family and it was one of the first museums of art open to the public.
• Palazzo Medici-Lucchesi: This palace was built by the Medici in the 15th century, it is located on Piazza Santa Maria Novella and it was the place of residence of some members of the Medici family. The palace has a Renaissance style and it was designed by Michelozzo, one of the architects patronized by the Medici family. Nowadays it serves as a hotel and is open to visitors.
• The Hospital of the Innocents in Florence: This hospital was founded by Cosimo the Elder in the 15th century to provide care for abandoned children, it was one of the first institutions of its kind in Europe and it continues to operate as a hospital today.

It is worth mentioning that this is not an exhaustive list, the Medici family commissioned and financed the construction of many other buildings and also donated money for many religious institutions, civic buildings, and charitable foundations in Florence, it is also important to note that some of the buildings mentioned may not be preserved in their original state and may have been renovated over time.

Outside of Florence, the Medicis commissioned a lot of constructions; some of them include:

• The Villa Medici in Fiesole: This villa was built in the 15th century as a country residence for the Medici family, it was designed by Michelozzo and later expanded by Raphael and other architects. The villa served as an important center of art and culture during the Renaissance period and it continues to host cultural events and exhibitions today.
• The Church of San Giovanni dei Fiorentini in Rome: This church was commissioned by Cosimo I de’ Medici, Grand Duke of Tuscany, in the 16th century as a place of worship for the Florentine community in Rome. It was designed by Jacopo Barozzi da Vignola and is considered an important example of Renaissance architecture in Rome.
• Palazzo Medici-Riccardi in Milan: This palace was commissioned by Cosimo de’ Medici and built in the 15th century. It was designed by the architect Michelozzo and served as a residence for the Medici family when they were in Milan.
• The Villa Medici in Rome: This villa was acquired by the Medici family in the 16th century and it served as a residence for the family and as a center of art and culture in Rome. It is now home to the French Academy in Rome.
• The Villa Medicea di Pratolino: The Villa was built in the 16th century by Francesco I de’ Medici as a country residence. It is located near Florence and has a park and garden with a collection of sculptures.
• The Medici Chapel in S. Lorenzo Church in Rome: this church was commissioned by Cardinal Giovanni de’ Medici later Pope Leo X in the 16th century as a final resting place for the Medici family members who passed away in Rome
• The San Giovanni Degli Angeli in Florence: This church was founded in the 15th century by the Medici family, it is an important example of Renaissance architecture and contains several important works of art, including frescoes by Andrea del Sarto.
• The San Lorenzo Basilica in Rome: The church was originally built in the 4th century, but later it was remodeled by the Medici family in the 16th century, they also commissioned several sculptures and frescoes to be placed inside the church.

Medici Money

As previously mentioned, the wealth of the Medici family came primarily from their banking and trade operations, as well as from their lands and investments. The wealth of the Medici was accumulated over several generations, and it was used to support the family’s political and cultural ambitions.

During the 15th century, the Medici bank was one of the largest and most successful banks in Europe and it served as the financial backbone of the Medici family’s power and influence. It financed the trade of goods and supported the political and cultural ambitions of the family.

However, the power and wealth of the Medici family began to decline in the 16th century. Factors such as the fall of Constantinople, which resulted in the loss of trade routes and the increased competition from other banking families, as well as political instability and internal family conflicts, contributed to the decline of the Medici’s wealth. Additionally, the family’s involvement in politics and conflicts such as the Pazzi conspiracy and the Wars of Italy caused them to lose a significant amount of their wealth. The rise of other banking families and the increasing competition in the banking industry also contributed to the Medici Bank’s decline as well. The Pazzi conspiracy particularly contributed to the damage to the bank’s reputation; it caused many of its clients to withdraw their funds. The bank also suffered from internal issues such as mismanagement, embezzlement, and fraud by some of its employees, which further contributed to its decline.

In 1494, the Medici bank was forced to close its doors due to the economic crisis caused by Charles VIII of France’s invasion of Italy, the bank was unable to meet the demands of its creditors and was forced to declare bankruptcy. After the failure of the bank, the Medici family had to find other ways to maintain their wealth, some of the family members moved into politics and others focused on trade and industry, as well as investment and land holdings. Even though the bank failed the Medici family still held a significant amount of wealth and were still able to support the arts and sciences, but their power and influence were greatly diminished compared to the peak of their power in the 15th century.

Despite these setbacks, the Medici family was still able to maintain a considerable level of wealth and continue to support the arts and sciences. However, they were no longer as powerful and influential as they had been during the height of their power in the 15th century. Over time, the wealth of the Medici gradually diminished, and it was eventually divided among various branches of the family. As the family members passed away and their descendants were not as successful in their business and politics, the wealth of the Medicis dissipated, and by the 18th century, the Medici family was no longer among the wealthiest or most powerful families in Italy.

In the 18th century, the Grand Duchy of Tuscany, the last territory ruled by the Medici, passed to the House of Habsburg-Lorraine through the marriage of the last heir of the Medici, effectively ending the Medici’s reign as rulers. This event marked the end of the Medici’s political power, and with it, their wealth also diminished significantly.

In the end, some members of the family were able to maintain a comfortable lifestyle, but the vast wealth and political power that the Medici had once possessed was a thing of the past. However, the family’s legacy in the arts, culture, and history of Italy would last long after their political and financial power had faded away.

It is also worth mentioning that today, the descendants of the original Medici dynasty still exist in different countries in Europe, but they are not known to have held any political or economic power, and there is no information about the current fortune of the Medici family. I had the honor of going to a business school in Florence that had a remaining Medici staff member, Ottaviano; although the dynasty’s wealth diminished, he still controls a travel agency and a bunch of small businesses, a pittance compared to his forefathers in the 14th and 15th centuries.

Note: All images in this article were taken from Google Images.