They became famous as one of the best bankers in the world. According to legend, in a few generations they rose from a simple charcoal burner to the position of the finest family in Italy. Growing in strength, they gained one of the greatest fortunes in history. What were the Medici spending their money on?
Although Florence did not officially belong to the Medici, it was clear to everyone that they owned a fabulously rich center of commerce and finance. Even the popes recognized it. As Mary Hollingsworth writes in her book, Medici. The secret history of the dynasty ” , for Pius II, who led the Church in the years 1458-1464, Kosma Medici was "not so much an ordinary citizen, but rather the lord of his city" and "ruler in every way except name" . Maintaining this position required of the famous family of cleverness, a lot of determination and… to show up.
Medici Manor (photo:public domain)
Fortunately for the Medici, their banking skills have given them enough funds to do so. And they were not afraid to give them up. At their own expense, they organized impressive games for Florentines. They had to do it. A certain Giovani Botero wrote directly in 1589:
Since ordinary people are insecure and longing for novelty, they will seek it for themselves, even changing their government and their rulers if their prince does not provide them with some variety.
Gilded walls?
To emphasize the rank of the family, Kosma also ordered the construction of a magnificent palace. Work began in 1444 with the demolition of twenty medieval buildings. Outside, the body must have looked quite modest. Not because the Medici lacked resources ... The glamor shows in Florence and many other places were regulated by the so-called leggi suntuarie, that is, regulations to curb unnecessary performances of extravagance. That is why the façade of the building that still exists today is simple, devoid of extravagance and exaggerated decorations.
A modest facade of the Medici Palace, which conceals an interior decorated with splendor (photo:Sailk, license CC BY-SA 3.0)
However, when you entered the Renaissance fortress, the uniqueness was simply striking. The Medici Palace was not only home to some of the richest people on the continent, but also housed their treasures accumulated over generations.
As Richard Stapleford describes in his book about Lawrence Medici (Kosma's grandson, who ruled Florence from 1469-1492), the building was full of unusual antiques, books, jewelry, coins, cameos and rare vases. Above all, however, the walls of the family seat were decorated with priceless works of art.
After the palace was built, the Medici managed to decorate it in just a few years. This was done by Piotr, son of Kosma. There are beautiful frescoes in the chapel, and the faces of the biblical characters were lent by members of the family. The halls and chambers had ceilings decorated with unusual paintings, and all around was dripping with gold. For the building to function, a whole team of people was needed. As Mary Hollingsworth describes it in her book, Medici. The secret history of the dynasty ” :
Medici parents and children lived comfortably. Kosma calculated that he had about fifty servants, including four slaves, as well as nurses and teachers who took care of the children's education. The dining table was decorated with gold and silver dishes and linen napkins. Walls - Expensive Flemish tapestries, provided by the manager of a bank branch in Bruges. Holy masses were celebrated in the family chapel, richly decorated with gilded frescoes by Benozzo Gozzoli [...].
The members of the family did not lay their heads on just any mattress in the evening. The Medici slept in magnificent beds decorated with the coat of arms of the family. Though they were not Blue Bloods, they lay like kings in silk. The wealth was also evident in their costumes. Glitter, fur-lined coats, dresses flowing with pearls, belts with gold, jewels - all this so that every passer-by without hesitation knows who he is dealing with.
Patrons of art
Medici were known to spend a fortune on works of art. They sponsored entire studios of artists, collected sculptures and paintings by masters whose names we know so far, such as Botticelli or Michelangelo. Lawrence gained a special position among the Medici, impressing even princes with its extravagance. As Mary Hollingsworth describes in her book, Medici. The secret history of the dynasty ” :
[...] its goal was to create a truly fabulous collection of valuable items:antique sculptures, vases set with semi-precious stones, gems, medals, coins, cameos and rare manuscripts, all worth a thousands of florins. His spending on these attributes of noble prestige made a great impression on Prince Hercules I d'Este, who was presented with a collection of "medals, cameos and other noble objects of great value" when he stopped at the Medici Palace on his way to Rome in May 1487.
Lawrence the Magnificent Medici (photo:public domain)
All this extravagance was by no means intended solely to appease the vanity of the representatives of the famous family. Lawrence opened his purse wide at the end of the 1880s, when he was applying for a cardinal's hat for his son Jan, who was ... 13 years old.
He organized lavish feasts, kept a racing stable for prestige, did all sorts of "favors" and packed a lot of money in bribes. Finally, on March 8, 1488, John became a cardinal deacon. While still a kid, he was not allowed to wear his insignia for the next three years which he devoted to studying theology. On March 23, 1492, he was officially admitted to the college of cardinals. Lawrence died a few weeks later and he did not live to see his treatments really paid off - in 1513 his son became pope.
John Medici, who sat on Peter's stool as Leo X, proved that he is the inherent son of his father. Having the papal treasury at his disposal, he did not restrain his expenses and managed to strip it completely in just two years. He was exceptionally wasteful, spending great sums of money on works of art, like his relatives. At the same time, he did not forget about family and friends to whom money was flowing in a large stream.
He quickly plunged the papacy into huge debts. The situation was so hot that he summoned one of his Medici cousins who was ordered to sell papal jewels, furniture, tableware and even religious sculptures. To remedy himself, he also sold cardinal hats. He also took out gigantic loans, which led to the ruin of many bankers after his death.