This bust of Lorenzo de' Medici was probably copied from an original by Andrea del Verrocchio in either the 15th or 16th Century. Here is a description from the National Gallery of Art Website:
Lorenzo de' Medici, the brilliant, learned, and ruthless head of a wealthy banking family, ruled the Italian city-state of Florence in the Renaissance. This bust may copy a wax statue made to commemorate Lorenzo's survival in 1478, when an assassination plot took the life of his younger brother. The simple costume, with a distinctively Florentine padded and draped headdress, reflects Lorenzo's claim to be merely a respected citizen rather than a de facto prince. Cleaning in recent years (completed 2006) has brought out the original bright reds, warm flesh tones, and a light beard. The brooding face suggests the forceful intelligence behind Lorenzo's power. This haunting likeness may have been molded from his death mask.