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Why did Emperor Charles V reward Titian with a knighthood?

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Emperor Charles V bestowed the honor of knighthood upon Titian in May 1533 primarily because he was highly pleased with the artist's work.1

Titian had previously traveled to Bologna in 1530 to portray the emperor during his coronation as Holy Roman emperor and returned again in the winter of 1532–33 to paint him a second time. This recognition marked the beginning of a long-standing relationship, as the Austrian-Spanish Habsburgs remained Titian’s most important patrons throughout his career.1