The Colchis Black Sea Littoral in the Archaic and Classical Periods

Transcription

1 M$5,1(G,25*$'=(-N,12I1$,6+9,/, The Colchis Black Sea Littoral in the Archaic and Classical Periods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

4 0DULQH*LRUJDG]H1LQR,QDLVKYLOL SDFWJURXSRIKLOORFNVHWWOHPHQWVRI/DWH%URQ]H(DUO\,URQ$JHVHFRQGKDOIRI WKHVHFRQGPLOOHQQLXP%&±ILUVWKDOIRIWKHILUVWPLOOHQQLXP%&DSSHDUOR FDWHG NP DZD\ IURP WKH,VSDQL HDUO\ %URQ]H $JH VHWWOHPHQW VLWH 0RVW ZHOOVWXGLHGDPRQJWKHPLVWKHVRFDOOHGµ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±FRZVKHHSDQGJRDWEUHHGLQJ±LVFRQILUPHG1HDUDORJ GZHOOLQJ D ZRYHQ IHQFH ZKLFK VHHPHG WR KDYH HQFORVHG WKH FDWWOH FRUUDO ZDV IRXQGZLWKDJUHDWQXPEHURIDFRUQVKD]HOQXWDQGFKHVWQXWVKHOOVDVZHOODVD ODUJH TXDQWLW\ RI DQLPDO ERQHV ERQH SLSH DQG ZRRGHQ YHVVHOV RI D ORFDO W\SH FRQQHFWHGWRDQLPDOKXVEDQGU\ $FFRUGLQJWRWKH&KRORNL2FKNKDPXULDUFKDHRORJLFDOILQGVSRWWHU\LVWKH PRVW SRSXODU DQG GHYHORSHG ILHOG RI FUDIWVPDQVKLS 3RWWHU\ RI WKDW SHULRG LV PDGHRQDSRWWHU VZKHHODQGLVGLVWLQJXLVKHGE\GLYHUVHGpFRUSUHYDLOLQJLQJH RPHWULFVKDSHVSHUIRUPHGZLWKGLIIHUHQWWHFKQLTXHV$FFRUGLQJWRVFKRODUVSRW WHU\EHFRPHVDQLQGHSHQGHQWWUDGHRIFUDIWVPDQVKLSIURPWKHHQGRIWKHVHFRQG PLOOHQQLXP%& :HDYLQJ ZDV RQH RI WKH LPSRUWDQW FUDIWVPDQVKLSV LQ WKH /DWH %URQ]H±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± PDJQHWLWH VDQG ±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

6 0DULQH*LRUJDG]H1LQR,QDLVKYLOL 7KH EXULDOV H[FDYDWHG KHUH SURYLGH LPSRUWDQW LQIRUPDWLRQ DERXW WKH &RO FKLDQDQG*UHHNFRPPXQLWLHVOLYLQJLQ3LFKYQDUL2FKNKDPXULLQWKHILIWKIRXUWK FHQWXULHV%&$FFRUGLQJWRWKHH[FDYDWRURIWKHVLWH$.DNKLG]HHDFKHWKQLF JURXSSRVVHVVHGLWVRZQLQGHSHQGHQWQHFURSROLVZKHUHRQO\WKHPHPEHUVRIWKH FRPPXQLW\ZHUHEXULHG,QWKH+HOOHQLVWLFSHULRGHQGRIWKHIRXUWKFHQWXU\%& DQGWKLUGFHQWXU\DFHUWDLQHWKQLFOHYHOOLQJRIWKHFRPPXQLWLHVDVVLPLODWLRQRI WKHSRSXODWLRQFDQEHREVHUYHGWKDWILQGVH[SUHVVLRQLQWKHEXULDOLQYHQWRU\DQG OHYHOOLQJRIEXULDOULWXDOV $FFRUGLQJWRWKHH[FDYDWRUWKUHHPDMRUFHPHWHU\DUHDVKDYHEHHQEURXJKW WROLJKWLQ3LFKYQDULZKLFKRFFXS\WKHWHUULWRU\WRWKHZHVWRIWKHVHWWOHPHQWV /\LQJWRWKHZHVWDFURVVWKHULYHU&KRORNLWKHVHFHPHWHULHVWRJHWKHURFFXS\DQ DUHDRIXSWRKD7KH1RUWKRUµ&ROFKLDQ &HPHWHU\LVVLWXDWHGRQDQDWXUDO HOHYDWLRQFDOOHG1DSXUYDODE\ORFDOUHVLGHQWVDQGKDVDSSDUHQWO\ORFDOEXULDOVRI WKH ILIWK FHQWXU\ $ERXW P DZD\ WKH :HVW RU µ*uhhn &HPHWHU\ FRQWDLQV PDQ\EXULDOVRIWKHILIWKIRXUWKFHQWXULHV7RWKHVRXWKOLHVWKH6RXWKRU+HOOHQ LVWLF&HPHWHU\8SWRGDWHDERXWSLWEXULDOVKDYHEHHQGLVFRYHUHGLQ3LFK YQDULVRIDU,WLVLPSRUWDQW WRQRWHWKDWEXULDOVDQGULWXDOSODWIRUPVKDYHEHHQ ZHOOSUHVHUYHG *UDYHVLQWKH3LFKYQDULQHFURSROLVHVZHUHGXJLQVDQG\VRLO,WVKRXOGEH QRWHGWKDWQRRUJDQLFPDWHULDOVXFKDVVNHOHWDOZRRGHQRUWH[WLOHUHPDLQVVXU YLYHV RQ DFFRXQW RI WKH VDQG\ VRLO DQG WKH FOLPDWLF FRQGLWLRQV%XULDOV IRU WKH PRVW SDUW ZHUH DUUDQJHG LQ UHFWDQJXODU UDUHO\ RYRLG SLWV%XULDO SLWV ZHUH RI GLIIHUHQWVL]H7KHVL]HRIHDFKEXULDOZDVFOHDUO\FRQGLWLRQHGE\VSHFLILFIDFWRUV QRW OHDVW WKH VRFLDO SRVLWLRQRI WKH GHFHDVHG 1HDUO\ DOO WKH LQKXPDWLRQ EXULDOV DUHRIVLQJOHLQGLYLGXDOV6RPHFRUSVHVDUHEXULHGLQZRRGHQFRIILQVRWKHUVLQ URRIHGRUSODLQSLWEXULDOV,QFRQWUDVWWRWKHµ&ROFKLDQ FHPHWHU\VHYHUDOFUHPD WLRQEXULDOVKDYHEHHQIRXQGLQWKHµ*UHHN QHFURSROLV,QWZRLQVWDQFHVWKHFUH PDWLRQZDVSHUIRUPHGDWVSHFLDOVLWHVDQGDIWHUZDUGVWKHDVKFRQWDLQHUDFUDWHU ZDVSODFHGLQDVSHFLDOO\GXJSLW,QDQRWKHULQVWDQFHWKHYHVVHODK\GULDFRQ WDLQLQJWKHDVKHVZDVSODFHGLQDSLWGXJDWWKHFUHPDWLRQVLWHLWVHOI7KHUHDUH LQVWDQFHVRIFUHPDWLRQGLUHFWO\LQEXULDOSLWV$VPDOOQXPEHURIDPSKRUDEXULDOV ZHUHIRXQG$PSKRUDVZHUHHYLGHQWO\XVHGIRUEXU\LQJLQIDQWV 7KHGHFHDVHGLQWKHµ*UHHN QHFURSROLVZHUHSODFHGRQWKHLUEDFNVLQDVX SLQHSRVLWLRQPRVWO\ZLWKWKHKHDGWRWKHHDVWLQNHHSLQJZLWK*UHHNEXULDOULWX DO,QWKHµ&ROFKLDQ FHPHWHU\WKHPDMRULW\RIWKHGHDGDUHEXULHGLQDEXQFKHG SRVLWLRQRQWKHULJKWRUOHIWVLGH0RVWJUDYHVSRLQWWRWKH1RUWKEXWWKHUHDUH VRPHJUDYHVZLWKZHVWHUQHDVWHUQDQGVRXWKHDVWRULHQWDWLRQV 3LFKYQDULZDVWKHRQO\VLWHLQWKH%ODFN6HDDUHDZKHUHWKHGHDGZHUHEXU LHG ZLWK WKH VRFDOOHG µ&kdurq V RERO IURP DV HDUO\ DV WKH PLGILIWK FHQWXU\ %&,QRWKHU%ODFN6HDDUHDVWKLVFXVWRPLVUHFRUGHGRQO\LQWKHIRXUWKFHQWXU\ EXULDOV7KHPDMRULW\RIWKHFRLQVDUHORFDOLVVXHVWKHVRFDOOHG³NRONKLGNL EXWD QXPEHURIFRLQVIURPYDULRXVFLWLHVRIWKH%ODFN6HDOLWWRUDOKDVDOVREHHQIRXQG ZZZKLVWRULNDXQLWRLW

7 7KH&ROFKLV%ODFN6HD/LWWRUDO $QLPSRUWDQWFRPSRQHQWRIWKHEXULDOULWXDOLQWKHµ*UHHN QHFURSROLVLVWKH FHUHPRQ\RIWKHIXQHUDOIHDVWWUDFHVRIZKLFKVXUYLYHLQWKHYLFLQLW\RIPDQ\RI WKHJUDYHVLQWKHIRUPRIEXUQWSDWFKHVFRQWDLQLQJFDOFLILHGERQHVDQGIUDJPHQWV RIFHUDPLFVWKHVRFDOOHGµ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µ&ROFKLDQ QHFURSROLV7KHULWHRIWKHIXQHU DU\ IHDVW ZDV SHUIRUPHG LQ WKH µ*uhhn QHFURSROLV RI WKH IRXUWK FHQWXU\ %& DQGIURPWKH+HOOHQLVWLFSHULRGLWZDVVKDUHGE\WKHORFDOSRSXODWLRQ 7KHILQGVIURPWKH*UHHNFHPHWHU\VKRZWKDWWKHILUVWVHWWOHUVWHQGHGWREH SRRU)URPWKHPLGILIWKFHQWXU\%&SUHVXPDEO\WKDQNVWRSURILWDEOHWUDGLQJ DUUDQJHPHQWVWKHVWDWXVRIFHUWDLQJURXSVLPSURYHGEXWPRVWRIWKHSRSXODWLRQ ZHUHVWLOOSRRU2QWKHRQHKDQGWKHUHDUHEXULDOVZLWKILQHLPSRUWHGSRWWHU\DQG MHZHOU\RISUHFLRXVPHWDODQGRWKHULQGLFDWLRQVRIOX[XU\ZKLOHRQWKHRWKHUWKH QXPEHURIJUDYHVZLWKQRJRRGVLVRQWKHLQFUHDVH $VIRUWKHµ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µ&kdurq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±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±ZLWKIHZH[FHS WLRQV±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±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τὰ καλούµενα βαθέαwkdwphdqvwkhvr FDOOHG'HHSV,Q*UHHN5RPDQVRXUFHVWKH.RUROLVWVNDOLULYHUZKLFKMRLQVWKH VHDQHDU%DWXPLLVFDOOHGWKH%DWK\VULYHU3OLQ\WKH(OGHUSRLQWVRXWWKDW&RO FKLDQWULEHVOLYHGQHDUWKH%DWK\VULYHU+HDOVRPHQWLRQVDFLW\RI0DWLXP$F FRUGLQJWRWKHSRLQWRIYLHZRIVRPHVFKRODUV3OLQ\ V0DWLXPFDQEHUHODWHGWR $ULVWRWOH V%DWKHD,QWKH7DEXOD3HXWLQJHULDQDD5RPDQURDGPDSFRPSLOHG LQWKHIRXUWKFHQWXU\3RUWXV$OWXVZKLFKLVWKH/DWLQHTXLYDOHQWRI*UHHN%DWK \V/LPHQPHDQLQJDGHHSKDUERXULVPHQWLRQHGDWWKHSODFHRI%DWXPL%DWXPL GLG KDYH RQH RI WKH GHHSHVW DQG PRVW FRQYHQLHQW KDUERXUV DPRQJ WKH DQFLHQW FLWLHVO\LQJRQWKH(DVWFRDVWRIWKH%ODFN6HD 'XHWRWKHOLPLWHGHYLGHQFHRIZULWWHQVRXUFHVDUFKDHRORJLFDOUHVHDUFKRI %DWXPL)RUWUHVVZDVRIJUHDWLPSRUWDQFHLQWHUPVRIWKHVWXG\RIWKHDQFLHQWKLV WRU\RI%DWXPL%DWXPL)RUWUHVVLVORFDWHGZKHUHWKH5LYHU.RUROLVWVNDOLDQFLHQW %DWK\VIORZVLQWRWKH%ODFN6HD7KHIRUWUHVVZDVHUHFWHGRQDKLJKQDWXUDOKLOO RQWKHFRDVW,QWKHVDUFKDHRORJLFDOH[FDYDWLRQVZHUHFDUULHGRXWLQWKLVDU HD'HIHQVLYHZDOOVDQGFXOWXUDOOD\HUVRI%DWXPL)RUWUHVVZHUHSUHVHUYHGLQD YHU\SRRUFRQGLWLRQEHFDXVHRIWKHPDQPDGHGHVWUXFWLRQRIWKHHQYLURQPHQW $UFKDHRORJLFDOUHVHDUFKUHYHDOHGWKDWWKHKLOOZKLFKSUHVHUYHVWKHUXLQVRI WKHIRUWUHVVZDVDVLWHRIWKHROGHVWVHWWOHPHQWGLVFRYHUHGRQWKHWHUULWRU\RI%D WXPL7KHVHWWOHPHQWZDVLQKDELWHGIURPWKH/DWH%URQ]H(DUO\,URQ$JHWRWKH /DWH0LGGOH$JHVDQGORVWLWVVLJQLILFDQFHLQWKHWKFHQWXU\ZKHQWKHRULJLQDO.DNKLG]H.KDNKXWDLVKYLOL%UDXQG

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³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ª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± 1 9DVKDNLG]H3LFKYQDUL,,, 5HVXOWV RI ([FDYDWLRQV7KH+HOOHQLVWLF:RUOGDQG&ROFKLV7\SHVRI%XULDOVDQG

14 0DULQH*LRUJDG]H1LQR,QDLVKYLOL %XULDO FXVWRPV LQ 6RXWK:HVWHUQ *HRUJLD LQ WKH +HOOHQLVWLF 3HULRG %DWXPL 2[IRUG.OHUN3LP+DEHUO.DIINH.UHEV0DFKXWDG]H0LQNH6FKXO]-RRVWHQ'.OHUN3LP $+DEHUO $.DIINH 0.UHEV,0DFKXWDG]H 0 0LQNH - 6FKXO] +-RRVWHQ9HJHWDWLRQKLVWRU\DQG HQYLURQPHQWDOGHYHORSPHQW VLQFHFD FDO\U%3LQDQGDURXQG,VSDQL.RONKHWL/RZODQGV*HRUJLD 4XDWHUQDU\ 6FLHQFH5HYLHZVª /HNYLQDG]H 9 /HNYLQDG]H 2 SRVWUR\NDNK <XVWLQLDQD Y ]DSDGQR\ *UX]LL 9L]DQWL\NL\9UHPHQQLNª /RUGNLSDQLG]H2/RUGNLSDQLG]H1DVOHGLHGUHYQHL*UX]LL7ELOLVL 0LNHODG]H.KDNKXWDLVKYLOL 7 0LNHODG]H ± '.KDNKXWDLVKYLOL 'UHYQH NRONKLGVNRHSRVHOHQLH1DPFKHGXUL7ELOLVL 7DYDPDLVKYLOL*7DYDPDLVKYLOL']YHOLVDGJRPHELVDPNKUHWGDVDYOHWVDTDUWYHORV DNKDOVKDY]JKYXUWHUDVD]H7ELOLVL 7VHWVNKODG]H *5 7VHWVNKODG]H *UHHN 3HQHWUDWLRQ RI WKH %ODFN 6HD LQ 7KH $UFKDHRORJ\RI*UHHN&RORQL]DWLRQ(VVD\VGHGLFDWHGWR6LU-RKQ%RDUGPDQHG E\*57VHWVNKODG]H)'H$QJHOLV2[IRUG 7VHWVNKODG]H*57VHWVNKODG]H3LFKYQDULDQG,WV(QYLURQV WK FHQW%&± WK FHQW$'3DULV 9LFNHUV.DNKLG]H09LFNHUV$.DNKLG]H7KH%ULWLVK*HRUJLDQ([FDYDWLRQ DW3LFKYQDULWKHµ*UHHN DQGµ&ROFKLDQ &HPHWHULHV $6ª 9LFNHUV.DNKLG]H09LFNHUV$.DNKLG]H3LFKYQDUL,5HVXOWVRI([FDYDWLRQV *UHHNVDQG&ROFKLDQVRQWKH(DVW&RDVWRIWKH%ODFN6HD%DWXPL 2[IRUG 9LFNHUV.DNKLG]H 0 9LFNHUV $.DNKLG]H 3LFKYQDUL 9, 5HVXOWV RI ([FDYDWLRQV *UHHNV DQG &ROFKLDQV RQ WKH (DVW &RDVW RI WKH %ODFN 6HD%DWXPL2[IRUG ZZZKLVWRULNDXQLWRLW

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