William Marbury (November 7, 1762 – March 13, 1835) was a highly successful American businessman and one of the "Midnight Judges" appointed by United States President John Adams the day before he left office. He was the plaintiff in the landmark 1803 Supreme Court case Marbury v. Madison.
I did some research, and the only info I could find was that his wife commissioned it to hang next to her portrait and that the artist was an early patron of Washington. Sorry I couldn't help further.