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University of Minnesota Morris Digital Well

University of Minnesota Morris Digital Well

Undergraduate Research Symposium 2014 Undergraduate Research Symposium

4-2014

Economic Underpinning of Renaissance Italian Art

Katherine Jacobson

University of Minnesota - Morris

Follow this and additional works at:http://digitalcommons.morris.umn.edu/urs_2014

Part of theAncient, Medieval, Renaissance and Baroque Art and Architecture Commons, and the

Economic History Commons

This Book is brought to you for free and open access by the Undergraduate Research Symposium at University of Minnesota Morris Digital Well. It has been accepted for inclusion in Undergraduate Research Symposium 2014 by an authorized administrator of University of Minnesota Morris Digital Well. For more information, please contactskulann@morris.umn.edu.

Recommended Citation

Jacobson, Katherine, "Economic Underpinning of Renaissance Italian Art" (2014). Undergraduate Research Symposium 2014. Book 3.

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Katie Jacobson

Undergraduate Research Symposium

April 12, 2014

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Aby Warburg, 1902

3

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Main Question

Historical Context

Demand and Competition

Patronage

Main players

Principal-Agent Relationship

Status signaling

Summation

http://img3.rnkr-static.com/list_img/1721/301721/full/famous-italian-renaissance-artists-u2.jpg Da Vinci, 1512 Self Portrait 4

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How was the relationship between wealth

and artistic talent developed through

Renaissance Italian patronage, and how is

this evident today?

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Study emphasizing kinship bonds, self-fashioning, the

communication of social status, …network[ing], and

the promotion of individual, family, and collective

agendas

6

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Renaissance:

14

th

-17

th

century

Measurements of wealth

Bank value vs. Public

display

Magnificenza

“Gift culture”

Symbolic value of luxury

display

Dowries

http://www.walksofitaly.com/tour_bookings/tour_all_listing/2/104

Uffizi Museum Florence, Italy

7

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Largest

concentration

of urban

populations

in Europe

Politically

fragmented

Urban, regional

economies

8 http://www.ilibrarian.net/history/italian_city_states_1494_lg.jpg

Cited in: Goldthwaite, 1993; Kent, 1987

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The Church

Foreign policy: symbols

Community - advertising

Material requirements

“…people transformed

individual needs into

corporate demand.”

Vatican City

http://foundwalls.com/wp-content/uploads/2013/02/Vatican-City-Rome-Italy-Europe.jpg

10

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Governments, Professional groups, Individuals, Families

Political ambition

Power

Responsibility

Social position

Prestige

12

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https://www.google.com/search?q=increase+demand+graph&espv=210&es_sm=91&tbm=isch&tbo=u&source=univ&sa=X&ei=30HrUvuZNMmwyQGq4ICwAQ&ved=0CCYQsAQ&biw=1215&bih=551#facrc=_&imgdii=_&imgrc=YLjtaGmVi35uOM%2 53A%3B4IcjEMgOoxapjM%3Bhttp%253A%252F%252Fwww.raybromley.com%252Fnotes%252Fnoteimages%252Fequilibrium%252Fincrdemandeq.jpg%3Bhttp%253A%252F%252Fwww.raybromley.com%252Fnotes%252Fequilchange.html%3B415% 3B318 13 (Patrons) (Artists) (Patrons)

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http://www.paradoxplace.com/Perspectives/Italian%20Images/images/Firenze/Firenze_Skylines/900/Florence-Duomo-Nov07-RAW4827AR900.jpg

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Collective groups

Governmental:

“[t0 provide] focal

points for public

spaces & proclaim

the communes’

beneficence

towards their

citizens”

Rialto Bridge, Venice, Italy, 1588 Summer, 2013 15

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Confraternities

Buildings to meet and worship

Décor

Families & Individuals

Wealthy bankers, merchants

Celebrated, of noble houses

Secular rulers of various Italian courts

Renaissance popes, cardinals

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Cosimo de Medici:

“…responsible for making it

trendy to invest in the arts.”

Commissioned:

Donatello

Michelangelo

http://upload.wikimedia.org/wikipedia/commons/f/fa/Cosimo_di_Medici_(Bronzino).jpg 17

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http://www.paradoxplace.com/Perspectives/Italian%20Images/images/Firenze/Firenze_Skylines/900/Florence-Duomo-Nov07-RAW4827AR900.jpg

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1) Contemporary

2) Future

“Conspicuous consumption that lasts through many

generations”

3) Heavenly

“…patrons wanted God and the saints to see their

devotion, and hoped that their commissions would help

them reduce their time in Purgatory…”

19

Why demand increased in this time period -> world now values art -> art produced by patronage system -> who were patrons; motivations -> who were artists; motivations -> keeping in check (P-A)

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“The frequent and

prominent displays of

personal emblems

indicate that patrons

had a second audience

in mind, namely

viewers here on

earth…”

http://www.wikipaintings.org/pt/lorenzo-lotto/virgin-and-child-with-two-donors

Lorenzo Lotto, Florence, 1525-1530

Madonna and Child with Two Donors

20

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“All the [commissioned works] have given and give me the

greatest satisfaction and pleasure, because in part they

serve the honor of God, as well as the honor of the city

and the commemoration of myself.”

Giovanni Rucellai, Memoir, 1473

21

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http://www.museumsinflorence.com/foto/santa%20maria%20novella/image/facciata.jpg

Basilica di Santa Maria Novella, Florence, Italy, 1456

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http://www.paradoxplace.com/Perspectives/Italian%20Images/images/Firenze/Santa%20Maria%20Novella/800/Top-Facade-Jul05-D1147sAR80.jpg 23

Patrons commission art, go find artists

Know that when employing people to work for us, can have this P-A problem Define problem In order to achieve this -> not artist declaring this but patron

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CEO Controls:

Medium

Budget

Timing of ad campaign

Payroll

Together Discuss:

Target audience

General message

Qualities to be signaled

Patron = Principal = CEO

Artist = Agent = Advertising Agency

24

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Principal-Agent

Problem

Separating ownership

and control of a firm

allows one party to act

in own interest rather

than interest of firm.

http://girlfriendinacoma.eu/wp-content/uploads/2013/01/Journey-cartoon-.jpg 25 Had to overcome this problem. Talked about principal motivations (patron), but artists have to have their own motivations

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Employment

Court artist

regular salaries

Grow and maintain honor, status networking

Incentive-based system

26

Cited: Nelson, Zeckhauser, 2008; Reiss, 2013

“…[R]eputation plays a major role in guaranteeing

quality output from hard-to-monitor agents”

“…discouraged artists from skimping on effort, and from

turning out work of low or unacceptable quality.”

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http://www.raybromley.com/notes/noteimages/equilibrium/incrdemsup3.jpg 27 Alignment between P & A -> increase demand -> increase supply -> more output!! Flowering in art (Artists) (Artists) (Patrons) (Patrons)

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28

Econ conclusion: increase demand (see graph)

- Socioeconomic change,

increase demand, competition - Commissioning, patronage,

(30)

29

Bart Finzel

Stacey Aronson

LeAnn Dean

Dr. Stephen Wharton, Richmond University, London

Family & Friends

(31)
(32)

Case, Karl E.; Fair, Ray C.; Oster, Sharon M. Principles of

Macroeconomics. 10th. Boston: Pearson, 2012. Print.

Gilbert, Creighton E. "What Did the Renaissance Patron

Buy?." Renaissance Quarterly. 51.2 (1998): 392-450. Print.

Goldthwaite, Richard A. Wealth and the Demand for Art in Italy:

1300-1600. Baltimore: The Johns Hopkins University Press, 1993. Print.

Jenkins, A. D. Fraser. "Cosimo De' Medici's Patronage of Architecture

and the Theory of Magnificence."Journal of Warburg and Courtauld

Institutes. 33. (1970): 162-170. Print.

Kent, Dale. Cosimo De' Medici and the Florentine Renaissance.

Singapore: Yale University Press, 2000. Print.

Kent, F.W.; Simons, Patricia. Patronage, Art, and Society in Renaissance

Italy. Oxford: Oxford University Press, 1987. Print.

Lindermann, Berd. "Masterpieces of Dutch and Flemish Painting: The

Historical Context." Rembrandt to Vermeer: Civil Values in 17th Century

Flemish and Dutch Painting. (2008): n. page. Print.

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Looper, Matthew G. "Political Messages in the Medici Palace Garden." Journal of

Garden History. 12.4 (1992): 255-268. Print.

Mankiw, N. Gregory. Principles of Microeconomics. 5th. Mason: South-Western,

2009. Print.

 "Medici Patronage: Magnificence and Splendor." n. page. Web. 15 Feb. 2014.

<http://employees.oneonta.edu/farberas/arth/Arth213/Medici_patronage.html>.

Mishkin, Frederic S., and Frederic S. Mishkin. The Economics of Money, Banking,

and Financial Markets. 10th. New York: Pearson, 2013. Print.

Nelson,, Johnathan K.; Zeckhauser, Richard J. The Patron's Payoff: Conspicuous

Commissions in Italian Renaissance Art. Princeton: Princeton University Press,

2008. Print.

 Padgett, John F.; McLean, Paul D. "Economic Credit in Renaissance

Florence." Journal of Modern History. 83.1 (2011): 1-47. Print.

Reiss, Sheryl E. "A Taxonomy of Art Patronage in Renaissance Italy." Companion to

Renaissance and Baroque Art. (2013): n. page. Print.

 "The Patron's Payoff: Conspicuous Commissions in Italian Renaissance

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