Tommaso Portinari
Encyclopedia
Tommaso Portinari was an Italian banker for the Mèdici bank
in Bruges
. He was a member of a prominent Florentine
family, coming from Portico di Romagna, near Forlì
; that family had included Dante
's muse
, Beatrice
. His father was a Medici branch manager, and after his death in 1421, Tommaso and his orphaned brothers were taken in and raised in the household of Còsimo de' Mèdici. Today he is mainly remembered for two significant commissions of Early Netherlandish paintings.
Portinari was an employee in the Bruges branch for a very long time, more than 25 years, but never rose higher than assistant manager and factor
, apparently at the insistence of Còsimo de' Mèdici, who did not trust him. After Còsimo's death, he became general manager and shareholder in the branch at the age of 40. When Francesco Sassetti
's influence removed the long-standing ban on lending to secular officials in 1471, Portinari used his position to make very large and extremely risky unsecured loans to Charles the Bold—loans which were never repaid and cost the bank heavily. He initially loaned 6000 groat
, more than twice that branch's total capital; the loan only grew worse, until it stood at 9500 groat in 1478. Unsurprisingly, for his good services, Portinari became a favored councilor to Charles the Bold. On the latter's death in battle, the loan went essentially into default. Further good money was thrown after bad when he lent to Archduke Maximilian of Austria
, Charles's successor. A small portion of this loan was eventually repaid.
He was the defendant in Ruffini v. Portinarihttp://www.law.umich.edu/CENTERSANDPROGRAMS/OLIN/papers/Fall%202004/hansmann.pdf#search=%22Ruffini%20v.%20Portinari%22, one of the very first legal cases (in 1455) to deal with separation of partnerships and legal liability: he was sued by the Milanese Damiano Ruffini for "defective packing of nine bales of wool bought by the plaintiff from the Mèdici branch in London. The defendant pointed out that the bales never belonged to the Bruges branch and that the plaintiff should sue the London branch." Portinari testified that the two branches were legally and commercially separate, apparently persuading the judge who denied Ruffini's suit, but upholding his right to sue the manager of the London branch.
Financial problems with the sale of alum
from the joint Papal-Mèdici alum cartel and bad investments like two galleys that either sank or were captured by privateer
s, along with the still outstanding bad loans to Charles the Bold, caused the Mèdici to finally give up on Bruges in 1478, when they unilaterally dissolved the partnership. Portinari was essentially fired. His attempts to start his own bank failed, his past services to the Mèdici and the Duchy of Burgundy
were forgotten, and he died a pauper.
While at the height of his career, he had himself memorialized in religious paintings. One, the Portinari Triptych
, is visible today in Florence. In commissioning it, he ostentatiously compared himself with his predecessor at the Bruges branch, Angelo Tani. He may also have commissioned The Last Judgment
, by Hans Memling
, as it has been suggested that the soul of the sinner being weighed on the scales of St. Michael is in fact a donor portrait
of Portinari. This painting, also intended for a Florentine church, was hijacked by pirates from the Baltic Sea
, leading incidentally to a lengthy lawsuit against the Hanseatic League
to force them to return it. He and his wife are portrayed in donor portrait
s in Hans Memling
's c.1470 painting Scenes from the Passion of Christ
, now held by the Galleria Sabauda in Turin.
Medici bank
The Medici Bank was a financial institution created by the Medici family in Italy during the 15th century. It was the largest and most respected bank in Europe during its prime. There are some estimates that the Medici family was, for a period of time, the wealthiest family in Europe...
in Bruges
Bruges
Bruges is the capital and largest city of the province of West Flanders in the Flemish Region of Belgium. It is located in the northwest of the country....
. He was a member of a prominent Florentine
Florence
Florence is the capital city of the Italian region of Tuscany and of the province of Florence. It is the most populous city in Tuscany, with approximately 370,000 inhabitants, expanding to over 1.5 million in the metropolitan area....
family, coming from Portico di Romagna, near Forlì
Forlì
Forlì is a comune and city in Emilia-Romagna, Italy, and is the capital of the province of Forlì-Cesena. The city is situated along the Via Emilia, to the right of the Montone river, and is an important agricultural centre...
; that family had included Dante
Dante Alighieri
Durante degli Alighieri, mononymously referred to as Dante , was an Italian poet, prose writer, literary theorist, moral philosopher, and political thinker. He is best known for the monumental epic poem La commedia, later named La divina commedia ...
's muse
Muse
The Muses in Greek mythology, poetry, and literature, are the goddesses who inspire the creation of literature and the arts. They were considered the source of the knowledge, related orally for centuries in the ancient culture, that was contained in poetic lyrics and myths...
, Beatrice
Beatrice Portinari
Beatrice "Bice" di Folco Portinari was a Florentine woman known as the muse of the poet Dante Alighieri. Beatrice was the principal inspiration for Dante's Vita Nuova, and also appears as his guide in the Divine Comedy in the last book, Paradiso, and in the last four canti of Purgatorio...
. His father was a Medici branch manager, and after his death in 1421, Tommaso and his orphaned brothers were taken in and raised in the household of Còsimo de' Mèdici. Today he is mainly remembered for two significant commissions of Early Netherlandish paintings.
Portinari was an employee in the Bruges branch for a very long time, more than 25 years, but never rose higher than assistant manager and factor
Factor (agent)
A factor, from the Latin "he who does" , is a person who professionally acts as the representative of another individual or other legal entity, historically with his seat at a factory , notably in the following contexts:-Mercantile factor:In a relatively large company, there could be a hierarchy,...
, apparently at the insistence of Còsimo de' Mèdici, who did not trust him. After Còsimo's death, he became general manager and shareholder in the branch at the age of 40. When Francesco Sassetti
Francesco Sassetti
Francesco Sassetti was an Italian banker.-Biography:He was born in Florence, the youngest son of Tommaso Sassetti. He is first recorded as joining the famous Medici bank in either 1438 or 1439 as a factor to the Avignon branch, employed by Cosimo de' Medici...
's influence removed the long-standing ban on lending to secular officials in 1471, Portinari used his position to make very large and extremely risky unsecured loans to Charles the Bold—loans which were never repaid and cost the bank heavily. He initially loaned 6000 groat
Groat
Groat or Fuppence is the traditional name of an English silver coin worth four English pence, and also a Scottish coin originally worth fourpence, with later issues being valued at eightpence and one shilling.-Name:...
, more than twice that branch's total capital; the loan only grew worse, until it stood at 9500 groat in 1478. Unsurprisingly, for his good services, Portinari became a favored councilor to Charles the Bold. On the latter's death in battle, the loan went essentially into default. Further good money was thrown after bad when he lent to Archduke Maximilian of Austria
Maximilian I, Holy Roman Emperor
Maximilian I , the son of Frederick III, Holy Roman Emperor and Eleanor of Portugal, was King of the Romans from 1486 and Holy Roman Emperor from 1493 until his death, though he was never in fact crowned by the Pope, the journey to Rome always being too risky...
, Charles's successor. A small portion of this loan was eventually repaid.
He was the defendant in Ruffini v. Portinarihttp://www.law.umich.edu/CENTERSANDPROGRAMS/OLIN/papers/Fall%202004/hansmann.pdf#search=%22Ruffini%20v.%20Portinari%22, one of the very first legal cases (in 1455) to deal with separation of partnerships and legal liability: he was sued by the Milanese Damiano Ruffini for "defective packing of nine bales of wool bought by the plaintiff from the Mèdici branch in London. The defendant pointed out that the bales never belonged to the Bruges branch and that the plaintiff should sue the London branch." Portinari testified that the two branches were legally and commercially separate, apparently persuading the judge who denied Ruffini's suit, but upholding his right to sue the manager of the London branch.
Financial problems with the sale of alum
Alum
Alum is both a specific chemical compound and a class of chemical compounds. The specific compound is the hydrated potassium aluminium sulfate with the formula KAl2.12H2O. The wider class of compounds known as alums have the related empirical formula, AB2.12H2O.-Chemical properties:Alums are...
from the joint Papal-Mèdici alum cartel and bad investments like two galleys that either sank or were captured by privateer
Privateer
A privateer is a private person or ship authorized by a government by letters of marque to attack foreign shipping during wartime. Privateering was a way of mobilizing armed ships and sailors without having to spend public money or commit naval officers...
s, along with the still outstanding bad loans to Charles the Bold, caused the Mèdici to finally give up on Bruges in 1478, when they unilaterally dissolved the partnership. Portinari was essentially fired. His attempts to start his own bank failed, his past services to the Mèdici and the Duchy of Burgundy
Duchy of Burgundy
The Duchy of Burgundy , was heir to an ancient and prestigious reputation and a large division of the lands of the Second Kingdom of Burgundy and in its own right was one of the geographically larger ducal territories in the emergence of Early Modern Europe from Medieval Europe.Even in that...
were forgotten, and he died a pauper.
While at the height of his career, he had himself memorialized in religious paintings. One, the Portinari Triptych
Portinari Triptych
The Portinari Altarpiece or Portinari Triptych is an oil on wood triptych painting by the Flemish painter Hugo van der Goes representing the Adoration of the shepherds....
, is visible today in Florence. In commissioning it, he ostentatiously compared himself with his predecessor at the Bruges branch, Angelo Tani. He may also have commissioned The Last Judgment
The Last Judgment (Memling)
The Last Judgment is a triptych attributed to German painter Hans Memling and painted between 1467 and 1471. It is now in the National Museum in Gdańsk in Poland. It was commissioned by Angelo Tani, an agent of the Medici at Bruges but was captured by a privateer from Danzig , Poland...
, by Hans Memling
Hans Memling
Hans Memling was a German-born Early Netherlandish painter.-Life and works:Born in Seligenstadt, near Frankfurt in the Middle Rhein region, it is believed that Memling served his apprenticeship at Mainz or Cologne, and later worked in the Netherlands under Rogier van der Weyden...
, as it has been suggested that the soul of the sinner being weighed on the scales of St. Michael is in fact a donor portrait
Donor portrait
A donor portrait or votive portrait is a portrait in a larger painting or other work showing the person who commissioned and paid for the image, or a member of his, or her, family...
of Portinari. This painting, also intended for a Florentine church, was hijacked by pirates from the Baltic Sea
Baltic Sea
The Baltic Sea is a brackish mediterranean sea located in Northern Europe, from 53°N to 66°N latitude and from 20°E to 26°E longitude. It is bounded by the Scandinavian Peninsula, the mainland of Europe, and the Danish islands. It drains into the Kattegat by way of the Øresund, the Great Belt and...
, leading incidentally to a lengthy lawsuit against the Hanseatic League
Hanseatic League
The Hanseatic League was an economic alliance of trading cities and their merchant guilds that dominated trade along the coast of Northern Europe...
to force them to return it. He and his wife are portrayed in donor portrait
Donor portrait
A donor portrait or votive portrait is a portrait in a larger painting or other work showing the person who commissioned and paid for the image, or a member of his, or her, family...
s in Hans Memling
Hans Memling
Hans Memling was a German-born Early Netherlandish painter.-Life and works:Born in Seligenstadt, near Frankfurt in the Middle Rhein region, it is believed that Memling served his apprenticeship at Mainz or Cologne, and later worked in the Netherlands under Rogier van der Weyden...
's c.1470 painting Scenes from the Passion of Christ
Scenes from the Passion of Christ
Scenes from the Passion of Christ is an oil painting on a panel of Baltic oak, painted c.1470 by German-born Early Netherlandish painter Hans Memling...
, now held by the Galleria Sabauda in Turin.