When it was rediscovered at the Brera at the end of the 19th century, the painting was so disfigured by darkened varnish it was attributed to Fra Carnevale (Bartolomeo di Giovanni Corradini), as Piero's use of oil technique was not yet known.

According to this hypothesis, the Child could represent Guidobaldo, while the Virgin may have the appearance of Battista Sforza, Federico's wife, who died in the same year and was buried at San Bernardino.

[4] The Child wears a necklace of deep red coral beads, a color which alludes to blood, a symbol of life and death, but also to the redemption brought by Christ.

The saints at the left of the Madonna are generally identified as John the Baptist, Bernardino of Siena (dedicatee of the painting's original location) and Jerome; on the right would be Francis, Peter Martyr and Andrew.

[citation needed] According to Italian art historian Carlo Ludovico Ragghianti, the work has been cut down on both sides,[6] as shown by the portions of entablatures barely visible in the upper corners.