House of Medici

The House Medici in Florence

During the 12th century, part of the Medici family migrated to Florence from the area surrounding Tuscany.

The House of Medici began to gain influence and wealth in the 13th century. Not only the Medici family were successful wool merchants, but they were successful bankers, having established the Bank of Medici in 1397.

Bank of Medici and Economic Power in Florence

The success of the Bank of Medici gave the Medici family not only political power but more importantly, economic control over Florence. This led to the fall of the Florence Republic. The Medici family became monarchs, ruling over the city-state of Florence.

When Cosimo de Medici, also known as Cosimo the Elder, came to power, he guided the family toward the support of the arts and humanities in Florence. This support directly led Florence to become a prominent city of arts and science. This patronage achieved the city's denomination as the cradle of the Renaissance. An example of this would be the massive urban project Cosimo authorized that led to the building of libraries, churches, and schools.

Cosimo passed and was succeeded by his son, Piero, and his grandson, Lorenzo. Lorenzo was another patron of the arts, commissioning work from Renaissance artists. When Lorenzo passed, his son, Piero, took over ruling Florence in 1492.

King Charles VIII of France and the Medici Dynasty

In 1494, Italy was invaded by King Charles VIII of France. Piero originally help out and refused to give in to Charles's demands. However, he had little support from those around him and his attempts at keeping Charles at bay did not gain traction. Piero eventually surrendered and gave in to all of Charles's demands. The people of Florence were outraged, seeing Piero as a traitor. The family was exiled in 1494., fleeing to Venice and surviving off the proceeds from selling the family jewels. The Bank of Medici was closed.

By the 1520s, descendants of Lorenzo the Elder (brother of Cosimo) established a new branch of the House of Medici. Cosimo I became the duke of Florence in the late 1530s, before becoming the grand duke of Tuscany in the late 1560s. Cosimo I ruled with absolute power, and his decedents would remain in power until the 1700s. The trend of authoritarian rule that started under Cosimo I prevailed under future Medici leaders.

The End of the Medici Dynasty

Cosimo II died in the early 1620s, which put his son, Ferdinando II, in control. Ferdinando II ruled for nearly 50 years, with Tuscany in decline the entire time. His successor, Cosimo III, was also a poor leader. The last grand duke, Gian Gastone, was the last ruling member of the Medici dynasty. He died in the 1730s. Gastone had no male heirs at the time of his passing, so technically the dynasty died with him.

House of Medici Trade and Assets

The Bank of Medici loaned the Medici family money to begin producing textiles. The House of Medici traded alum, which was a material used in the textile industry. The family had a monopoly, as they controlled the mines that it came from.

The Medici family also traded wool, spices, fruit, olive oil, and jewelry. As the bank became more successful, it was able to invest in silk and wool manufacturing shops.

House of Medici Estates

The House of Medici established many villas and gardens. These estates were constructed in and around Tuscany

between the 15th and 17th centuries. These helped contribute to the development of Humanism and the Renaissance.

How did these villas and gardens contribute to the Renaissance? Remember, the members of the House of Medici were patrons of the arts. The Medici family would often sponsor large works of art and/or the artists themselves. Artists would come to the Medici homes and study the works of art inside.

Each important family member owned an estate. The estates reflected the developments of art and architecture of the time.

Fig. 2: Cosimo Medici

Cosimo de Medici

Cosimo Medici, otherwise known as Cosimo the Elder, is known for many things. He was a patron of the arts and architecture. He was also a banker, trader, and businessman.

Cosimo's father, Giovanni, was also a banker and businessman and using his resources, Cosimo surpassed his father's level of success. Giovanni founded the Bank of Medici and established locations in Rome, Venice, and more.

Cosimo expanded the Bank of Medici, and under his guidance, it opened more branches.

With Cosimo at the helm, the Bank of Medici became the bank that supported the business of the papacy. The Medici family was deeply connected to the papacy, and it could threaten people who defaulted on their loans with being excommunicated from the church. How did they obtain this type of power? Giovanni de Medici had supported John XXIII in his attempt to purchase the office of cardinal for himself. To return the favor, he made the Medici bank the center of papal finance.

Unfortunately, this was not a permanent arrangement. John XXIII was unseated, and Medici Bank ran into competition from other banks.

Cosimo was married to a woman named Contessina de Bardi, which was a strategically arranged marriage to link the Medici family and the Bardi family. The Bardi family was also a banking family.

Other Members of the Medici Family

The following table shows some of the most prominent members of the Medici Family across the Renaissance.

The Medici Family's Power and Influence

Not only were the Medici powerful patrons of the arts, but they were also economically, politically, and religiously powerful. The source of the Medici family's wealth and power came from the Medici Bank.

The Medici Family: Religion

Many members of the Medici family obtained prominent positions in the Church, as four members obtained the position of Pope.

The four Popes were:

• Leo X
• Clement VII
• Pius IV
• Leo XI

The Medici Family: Politics

The Medici family gained political strength through alliances like marriage. Various members of the Medici family were married into European royal families, such as those in France and Spain.

The Bank of Medici

The Medici Bank was the largest financial institution in Europe during the Renaissance. It was well respected as it advanced accounting and bookkeeping systems. The bank spread its influence by setting up branches in different European trading areas.

The Medici family got its start in banking in the early part of the 14th century. At the end of the 14th century, Giovanni Medici took over a Roman bank that was owned by another family member. Rome was a wealthy area, but it didn't offer the same amount of economic opportunity that was presented by Florence. Medici relocated the headquarters to Florence, later becoming the largest bank there.

The bank expanded to Venice, making it not only an important banking town but also an important financial center. It offered the Medici family many investment opportunities.

Unfortunately, the success did not last for long. The combination of difficult, external circumstances paired with poor leadership led to decreased profits and instability.

The bank became insolvent at the end of the 15th century as the Medici family was exiled from Florence. It was confiscated by new owners, who did not manage it well.

The Medici bank was quite large and developed some innovative business practices that are still used today.

Fig. 3: The Medici Family Coat of Arms

The Medici Family Summary

The Medici family was a dynasty of rulers who led the city of Florence during the Renaissance. Because of their banking business, they were able to possess power and influence over virtually every aspect of life-economics, religion, education, art, and science are just some examples.

The Medici family emigrated from Tuscany to Florence in the 12th century. By the 13th century, they had become wool merchants and bankers. They eventually became monarchs and ruled the city-state of Florence until the French seized it. The Medici were exiled but returned to power in the 1520s. They remained in power until the last ruling member died in the 1730s.

The Bank of Medici was the house of Medici's source of power. Not only did it impact banking at the time, it created practices that are still used in banking today.