The term "masterpiece" originally referred to a piece of work that the member of a guild had to present in order to attain the rank of master.

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This statement is true. In medieval times, a masterpiece was a piece of work that a journeyman craftsman had to present to a guild in order to become a master craftsman. The work was evaluated by the guild, and if it was deemed exceptional, the craftsman would be granted the rank of master and allowed to open their own workshop.

The Term "Masterpiece" Originally Referred to a Piece of Work