The palace dates back to the 15th century, when it was commissioned by the procurator of St. Mark (San Marco) Marino Contarini. The architects were Giovanni and Bartolomeo Bon,  whereas the style is a good example of the transition from the Gothic to the Renaissance.

In 1894 the palace was acquired by Baron Giorgio Franchetti, who in 1916 donated it, together with its collections, to the Italian State. The collections were significantly increased thereafter.

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