The Piazza del Campo is a fan-shaped place divided into eight sectors symbolizing the nine families which constituted the government in the prosperous heyday of the republic. In its upper part stands the Fonte Gaia (see picture 41). Twice a year, the Piazza is the scene of the Palio festival, a colourful spectacle during which the various Contrades or quarters and parishes of the city parade around the square in medieval costumes, waving their flags and banners, and ending with a short, fast cavalcade (on unsaddled horses) around the square.