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The picture is one of a series of four, possibly commissioned by Lorenzo the Magnificent in 1483 to donate to Giannozzo Pucci on the occasion of his wedding to Lucrezia Bini that year.
Due to the fact that the Duke shared the same name, Lorenzo di Piero de' Medici, with his more famous grandfather, Lorenzo the Magnificent, who is buried nearby, the grand tomb is often mistaken for that of his grandfather.
Lorenzo de' Medici (1449 – 1492) known as Lorenzo the Magnificent (Lorenzo il Magnifico)
Piero di Cosimo de' Medici (1416–1469) (the Gouty, also Piero I de' Medici), father of Lorenzo the Magnificent
"Contemporaries called Savva Mamontov "Savva the Magnificent" likening him to Duke Lorenzo de' Medici who was known as Lorenzo the Magnificent. But Savva Mamontov was more than a patron of arts and letters, he was a businessman as well, and his contribution to both the national economy and the arts was equally great." (The Russian Cultural Navigator)