A palazzo means a building in Italian. This design wallpaper is part of the collection Palazzi, it is a building.
This wallpaper depicts the courtyard of Palazzo Strozzi (the Strozzi building), a splendid building in Florence, built around 1500. The colours are white and grey and in the details on top one can see that the finishing is like an oil painting, softening the hard lines.
Similar wallpapers of buildings in Florence are: Design wallpaper Innocenti Aurea, Design wallpaper Medici-riccardi Aurea and Design wallpaper Uffizi Aurea. These all use the same techniques.