Andrea Banchi, 1456
composed by Lothar Teikemeier, last update 06.12.2012

• 1456 Curious Shipments by Andrea Banchi

2. Andrea Banchi’s life

«Andrea di Francesco di Banco was born September 20, 1372, and lived to be a nonagenarian, dying on October 12, 1462. Nothing is known about his early years. His father and his uncle Lodovico both died of the plague in 1390. Andrea probably worked from 1390 onward for his only surviving uncle, Michele.» «From 1421 until 1428 Andrea Banchi carried on without a partner. In the shop in Via Por S. Maria he sold silks at retail. Soon he began producing silk fabrics as well.»
«Banchi’s capital investment in his business was higher than that of most silk manufacturers in 1427, yet he was in business alone and did not have to share profits with partners nor pay interest on any deposits, as was the practice in Florence.» «At this time very few setaioli were richer than Banchi, for only three were assessed more than he.»

«In 1428 Banchi decided to expand his business activities. As an independent merchant-entrepreneur, he continued the production and sale of silk cloth. In addition, he formed a partnership with Piero d’Andrea Petrini to carry on a retail shop dealing in silk goods.»
«In 1454 Andrea Banchi formed his last partnership, which was carried on for five years after his death, in 1462, according to a provision in his testament. His partners were two employees whom he had trained and of whose ability he was reasonably certain.»
«Like other merchants of his time, Andrea Banchi acquired farms and other real estate as he prospered.» «By 1457, a few years before his death, Banchi was among the ten highest taxpayers in the entire city and second-highest in the Scala gonfalon.»(3)

3. Banchi’s production and commerce

«Some silks were sold by Banchi to merchants engaged in the import-export business, and the extant records for 1454 and later years show that about a third of the firm’s output was bought by such merchants, partly in exchange for raw silk. Banchi also tried to sell his products abroad by sending them on consignment to commission agents.»
«In any case, measured by medieval standards the Banchi firm was a large enterprise and probably gave employment to about one hundred persons, perhaps even more. In May, 1460, the staff in the shop numbered seven (besides the partners): a bookkeeper, a cashier, a clerk, and four shop boys. Outside the bottega Banchi employed five throwsters, three dyers, three warpers, four maestre and two spinners of inferior silks, about thirty winders and as many weavers, ten weavers of belts and ribbons, one designer of cartoons, and one vestment-maker - nearly one hundred persons.»
«The records show that Banchi specialized in the manufacture of luxury fabrics - brocades, figured velvets, and damasks - and produced relatively few of the less expensive satins and taffetas. This was perhaps a mistake from a pecuniary point of view because such high-priced articles had a small market and were therefore hard to sell. It is not surprising that the turnover of Banchi’s stock was slow, a problem that was often aggravated by the necessity of granting generous credit terms to customers. Andrea Banchi apparently prided himself on producing the high-quality products which had established the reputation of the Florentine silk industry.»(3)