This large, vaulted edifice was built as a store for oil by Cosimo III dei Medici in 1705 and later enlarged by his son, Gastone.

Merchants could keep their oil here for as long as they liked, paying fifty centimes per 100 liters every three months. Tanks for the oil were covered with slate, a material which ensured the contents were well preserved.

This interesting fusion of beauty and utility is situated in the heart of Venezia, the Medicean quarter which was designed by the Sienese architect, Giovan Battista Santi, for the merchants of the great emporium of the Mediterranean, who could keep a watchful eye on their businesses from their homes, which looked directly out onto the canals.

For many years it has been used as venue for various events. The first floor houses part of the Labronica library.