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Flemish Money To: In 1551, while conducting a merchant banking business, he was appointed by Edward VI to manage the crown's foreign debt. At this time the pound was worth 16 shillings; it had brought 32 in 1520 before Henry VIII's successive devaluations. Gresham set out to raise the value of the pound, and at his suggestion the crown gave a monopoly over foreign trade to the Merchant Adventurers (q.v.). In exchange, the merchants were twice forced to lend the crown a sum in Flemish money to be paid back in English money at a rate set by the crown.
The Flemish oil technique was, like tempera, used for painting panels. However, instead of egg as a binder, the Flemish relied on oil or varnish, which has a certain transparency and leaves the painting with a shiny surface.
The F t major work of Flemish painting, and a model and inspiration for those that followed, was the Ghent altarpiece, a large polyptych in the Cathedral of St. Bavon, Ghent. Most of the panels are probably the work of Hubert van Eyck (1366P-1426), but the altarpiece was completed in 1432 by his brother Jan (1385P-1441).
Flemish workers were imported into other countries, including Spain, Germany, and Italy, though the industry in these countries never assumed very great importance. Italian tapestries of the earlier periods are scarcely distinguishable from the Flemish. Later they assumed a character of their own, and in the Baroque period, they took on the same characteristics as other contemporary arts.
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