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The presence of this portrait is documented, in the eighteenth century, in the gallery of the elector of Bavaria. Because of successive restorations, the top layer of colour is missing.
During the Diet of Augsburg, in 1518, Dürer portrayed Jakob Fugger in a charcoal drawing. The final painting, on canvas, differs from the drawing in the wealthier clothing of the subject, and, above all, in the framing: a half-bust in the drawing, a half-length in the painting.
Jakob Fugger of Augsburg (1459-1525), the wealthiest merchant of his day, learned the art of commerce in Venice. He possessed a network of business agencies throughout Europe. His was the most important banking institution in Europe, and he had the monopoly of silver and copper mines. He obtained the right to mint the coins of the Vatican from Julius II, Leo X, and Adrian VI, and he had an important role in the system of tax collection and payment of indulgences from the Vatican coffers. He heavily financed the political and military undertakings of Maximilian I and Charles V: just for the election of the latter, he contributed 300,000 florins. In 1508, Maximilian I conferred him a noble title, and Leo X nominated him Count Palatine of the Lateran. In 1519, he established in Augsburg the "Fuggerei," a small city within the city, consisting of 106 small houses intended for the most needy citizens.
The outer edges of his garments and fur coat, crossing and overlapping, create an ascendant pyramid effect, which solidly sets off the portrait. At the same time, his garments sharply contrast with his face, hard and severe, atop a bull neck. Only the clear complexion of the flesh, painted with extremely fine brush strokes, which is detached from a delicate blue background, attenuates his dynamism and severity. The position of the head denotes firmness and self-assurance, and the eyes look away, possibly to indicate a farsightedness. The wide forehead, lined with a simply-fashioned gold beret, and the thin, pressed lips, give him the look of a man who - at least according to Dürer's interpretation - has a strong personality and no need of decoration to assert himself.
This impressive characterization, if somewhat idealized, along with the one of Dürer's father of 1497 (National Gallery, London), is probably one of the most significant of portraiture in that era in Europe.
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