His life coincided with the mature phase of Italian Renaissance and his death coincided with the end of the Golden Age of Florence.
Lorenzo's grandfather, Cosimo de' Medici, was the first member of the Medici family to combine running the Medici Bank with leading the Republic of Florence.
Cosimo was one of the wealthiest men in Europe and spent a very large portion of his fortune in government and philanthropy.
He was a patron of the arts and funded public works.
Lorenzo's father, Piero di Cosimo de' Medici, was equally at the centre of Florentine life, chiefly as an art patron and collector, while Lorenzo's uncle, Giovanni di Cosimo de' Medici, took care of the family's business interests.