Philip IV was the son of King Philip III and Margaret of Austria. He was born in Valladolid, Spain, and received a comprehensive education befitting his royal status. At the age of 16, following the death of his father, Philip IV ascended to the throne. However, due to his young age, the government was initially led by a regency council until he reached maturity.

One of the significant challenges Philip IV faced was the Thirty Years' War (1618-1648), a conflict that engulfed Europe. Spain, as a Catholic power, was heavily involved in the war, fighting against Protestant forces. Philip IV's reign saw Spain engaged in multiple military campaigns, including conflicts in the Netherlands, Italy, and Germany. The war exerted a tremendous strain on the Spanish economy and drained resources from the empire.

During this period, the Spanish empire experienced a decline in power and influence. The costly wars and inefficient governance weakened the economy, leading to financial instability and widespread poverty among the population. Additionally, Spain's colonial territories faced challenges, with revolts occurring in places like Portugal and Catalonia.

Despite the political and economic challenges, Philip IV was a passionate patron of the arts. His reign is often referred to as the Golden Age of Spanish art, with renowned artists such as Diego Velázquez and Francisco de Zurbarán flourishing under his patronage. Philip IV's love for art led him to commission numerous paintings, sculptures, and architectural projects, contributing to the cultural richness of the Spanish empire.

Velázquez, in particular, became Philip IV's court painter and created iconic portraits of the king and his family. The most famous of these is the painting "Las Meninas," which is regarded as one of the greatest masterpieces in Western art.

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Philip IV's reign is closely associated with the influence of his trusted advisor, the Count-Duke Olivares. Gaspar de Guzmán y Pimentel, the Count-Duke Olivares, served as the king's chief minister and held significant power and authority in the Spanish court. Olivares implemented various reforms aimed at strengthening the empire, including centralizing power and implementing economic policies. However, these reforms faced resistance and did not entirely solve the deep-rooted problems plaguing the empire.

As Philip IV grew older, his reign was marked by personal tragedies and losses. He experienced the deaths of his beloved wife, Elisabeth of France, and several of his children. These losses took a toll on the king, and he withdrew from active participation in government affairs.

Philip IV died in Madrid on September 17, 1665, and was succeeded by his son, Charles II. His reign left a lasting impact on Spain and Portugal, characterized by the decline of the empire's power and influence. Despite the challenges he faced, Philip IV's patronage of the arts and his support for cultural achievements left an indelible mark on the history of Spanish art.

In conclusion, King Philip IV of Spain and Portugal faced numerous challenges during his reign, including wars, economic difficulties, and declining power. However, his reign was also a period of artistic flourishing and cultural achievements. Although Philip IV's rule was marked by decline, his patronage of the arts and the artistic legacy he left behind continue to be celebrated to this day.