Burne-Jones began painting The Wheel of Fortune in 1875 and attempted at least six versions. Numerous sketches exist of every carefully considered detail of the nudes, the drapery and especially the figure of 'Fortune'. When exhibited at the Grosvenor Gallery in 1883, the painting received warm praise4 from The Times for its 'wonderful, technical skill... (and) the admirable drawing of the figures'. Other sketches are in the Ashmolean Museum, Oxford (sketch-book) and the British Museum.
Antonia Caiva appears to be the model.