This watercolour with its sumptuously elegant tone and painstakingly descriptive style offers us a meticulous picture of a luxurious Florentine interior of the period with a characteristically detailed record of its wall hangings and rich furnishings.

The painting is brought to life by the figures who impart a dynamic feel to the overall composition, portrayed deep in conversation or looking out from the balcony to watch the traditional "Palio dei Cocchi" race held every year on 23 June, the eve of the feast of St. John, Florence's patron saint.

In this contest, which was established by Cosimo I in 1563 in an attempt to revive the glory of the ancient Roman tradition, chariots had to complete three laps around a track marked by two turning posts set up at either end of Piazza Santa Maria Novella.

Originally in wood, these turning posts were later replaced by obelisks in Serravezza marble. It is interesting to note the wonderful detail of the square seen through the open windows, with one of the two late 16th century obelisks on the left. Beyond the buildingoverlooking the square, we can make out the dome of Florence cathedral and Giotto's campanile in the background.