How was this portrait made?

In Early Modern Europe portraits were often copied and reproduced from an original work. Royal sitters might only sit for their portrait once or twice in their lifetime. Therefore the original pose and facial type would be copied in multiple versions. 

There has been much discussion about the possibility that this portrait of Henry VII was the prototype of an original composition which gave rise to other copies. It is likely that the circumstances of the commission would also have required that at some point Henry VII would have sat for the likeness used for his portrait.

Some of the underdrawing visible (via infrared reflectography) appears to have been drawn quite freely and spontaneously, for example in the hands. This might indicate a search for the development of the portrait. However other parts appear to be drawn from a pattern, such as the facial features which were then adjusted by the artist. 

The composition seems to have been altered slightly in the painting stage: the left hand appears higher, the edges of the collar are altered and there are changes in the sleeves from wide cuffs to the drapery seen in the final image.

Other broadly similar later versions of this work exist in the Royal Collection, the Society of Antiquaries and other private collections.

What do we know about the artist?