According to Giorgio Vasari, the pope was spurred by Bramante to insist on Michelangelo taking on the project, leaving him with no choice but to accept. On May 8, 1508, the deal was signed, with a cost of 3,000 ducats (about US $600,000 in gold in 2021). Bramante was given responsibility for designing the chapel and for overseeing construction projects at various papal properties.
Michelangelo began work on the chapel in 1512 and completed it four years later for which he received 10,000 ducats ($1.5 million in gold). He also became the most expensive painter of his time. The total cost of the project was about 28,000 ducats ($55 million in gold).
As part of his contract, Michelangelo agreed to provide designs for two other churches: one in Florence and another in Rome. However, only the Rome design was realized; the other one was canceled because of financial difficulties.
After the completion of the chapel, Michelangelo went on to become one of the most influential artists in history. He designed the Pope's Staircase at the Vatican Palace and the Last Judgment scene for the ceiling of the Sistine Chapel.
Michelangelo, who was primarily a sculpture rather than a painter, was hesitant to take on the assignment and advised that his youthful competitor Raphael do so instead. The pope was insistent, so Michelangelo had no option but to accept. The deal was signed on May 8, 1508, with a sum of 3,000 ducats pledged. This amount was more than double what anyone expected, but it still was not enough to complete the project.
At this point, matters came to a head. Because of the enormous size of the project and the difficulty of obtaining materials, time was of the essence. So, when Raphael proved unable or unwilling to start work immediately, Michelangelo took charge of the project himself. He began by renting a room in a house near the Vatican where he could work undisturbed for a few days at a time. Then, when he felt ready, he would go back home to Florence for several months at a time. His wife Maria Salviati served as his assistant during this period.
It took him nearly ten years to finish the painting, which is now housed in the Vatican Museums. When it was finally completed, Pope Leo X was very pleased with it and paid the remaining balance due on delivery. However, because of the recent discovery of gold mines in America, its value has increased greatly over time. In 2015, an expert estimated the price of a new version of the painting at $450 million.
Michelangelo was finally paid 10,000 ducats for Pope Julius II's tomb, which was more than he was paid for the Sistine Chapel. However, before that payment was made, the two disagreed about the cost of materials, and Michelangelo departed Rome. He never returned.
After his death in 1564, his wife married another man. She had four children with her first husband and then she married the second husband. The first husband's family sued for a share of the estate, but this case wasn't settled until 1797. By that time, there were no assets left to be divided up so the judge declared all debts paid in full except for the debt to Michelangelo which was recorded as uncollectible.
There have been many books written about Michelangelo's life, most notably one by his son who served as an official biographer of his father. This book contains many interesting anecdotes about Michelangelo's life including the fact that he was once imprisoned for creating a riot by displaying a dead body in the town square.
In conclusion, we can say that Michelangelo was one of the most important painters in history and his work has influenced everyone from Donatello to Da Vinci. His influence on later artists has been said to be even greater than that of Leonardo da Vinci himself.
Michelangelo made a lot of money since he was a well-known and renowned artist. He was paid 3000 ducats for painting the ceiling of the Sistine Chapel, which equates to around 78, 000 USD now, which was a substantial sum at the time. However, not all artists are as lucky as Michelangelo and have to work for others to be able to afford food and shelter.
When you are an internationally known artist like Michelangelo, there will always be people who want you to paint something for them. Since he refused to do so, he had to find other ways to make money. In his later years, Michelangelo became a political lobbyist in order to support himself and his family. He even went as far as sending letters to politicians asking them to fund his project but they all turned him down.
So, overall, it can be said that Michelangelo did indeed make money being an artist. But he also had to sacrifice many things including time, life goals, etc in order to be able to afford such a large amount of money. This issue is very common among artists who want to pursue their career seriously.
Where did all of that cash come from? One, he was highly compensated; two, he received limitless quantities of goodwill cash and presents from grateful popes and monarchs; and three, he lived like a monk and squirreled away every maravedi. It wasn't true, as Vasari claims, that Michelangelo made all of his money through sweating. Actually, Michelangelo rarely worked for free - usually he got paid in food or drink - but even so, there was no way he could have afforded to live on what he earned.
Michelangelo's wealth came from three main sources: he received gifts and payments for works of art he had already done; he owned property worth millions of dollars; and lastly, he had business interests in Rome (he was hired by the pope to paint the Sistine Chapel).
In order to earn a living, Michelangelo needed to find some way of paying for his food and shelter. He tried working as a cook and as a servant, but neither job lasted very long because he was too ambitious to be a kitchen hand or a housekeeper. In his mid-thirties, when he went to work for the pope, he still hadn't found a way to make a living that would support him and his family.
In those days before income tax, people used to save money instead.