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The aim of this paper is to contribute to the discussion about the permanent and ephemeral colonial architecture of Panama analyzing a historical image: the perspective of the main plaza of Panama La Nueva in 1748. The research methodology is based on Panofsky´s iconology theory to reveal the meaning of a work of art. The initial approach to the forms represented in the 1748 perspective was complemented with the review of secondary historical sources about Panama City in the 18th century, and studies on the public festivities and the relevance of bullfighting during the colonial era. The results demonstrated the correlation of the permanent and ephemeral architecture, and the configuration of public space with the hierarchical structure of Panama´s colonial society.