This canvas was painted to be inserted into the ceiling of a room in the Venetian palaces of the Contarini family. (The Contarini, one of the oldest families in Venice, had fabricated for themselves a lineage from ancient Rome.) It is designed to be seen from below, but at an angle, as we step through the door. 

From luminous skies, Venus in her white, gold and pink nudity, has swooped down in her chariot; her team of doves. From a dawn-tinted cloud the Three Graces strew roses. From below, the winged Cupid.
Venus come to consign her newly born child to Father Time. Having set down his scythe, Time here signifies eternit.  The child - wide-eyed, thick-lipped and with a precocious widow's peak in his hairline is clearly meant to be a real baby. 

Venus' only human child, with a mortal father, was Aeneas - the founder of Rome. 
This suggest that the ceiling may have been commissioned for the birth of  a Contarini boy like Aeneas.