The sculpture may have been created as a preliminary a study for Giambologna's equestrian statue of Duke Cosimo cast in 1591 and displayed at the Piazza della Signoria in Florence.
It shows influence from some écorché drawings by Leonardo da Vinci, made for his uncompleted equestrian statue of Gian Giacomo Trivulzio, and resembles prints in Carlo Ruini's book, Anatomia del Cavallo.
The anatomical detail of the sculpture prefigures the intimate knowledge gained by George Stubbs from his own dissections.
Copies of Giambologna's sculpture original were made at the Vatican foundry, by its directors Giuseppe Valadier and then Francesco Righetti.
One of four known full size copies by Valadier was sold at Christie's in July 2013 for £1.4m; this sculpture may have been owned the Dukes of Northumberland before passing through the collection of Boris Kochno and Christian Bérard, and then Alexis von Rosenberg, Baron de Redé before being sold by Sotheby's in Monaco in 1975 for 1.5 million French francs.