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'would' + base verb has a very similar meaning to 'used to' - the above example could be rewritten as:

'.paintings used to be commissioned by the wealthy and, they used to be hung in the home.' with no real change in meaning.

However, there is an important difference between 'would' and 'used to'. 'Used to' can be used to talk about past states as well as past repeated actions and habits, but 'would' is only used to talk about past habits. 'Would' is not used to talk about past states.

When I was younger, I used to paint for 2 hours every day - correct - this is a past repeated action or habit, so 'used to' is acceptable here.

When I was younger, I would paint for 2 hours every day - correct - this is a past repeated action or habit, so 'used to' is acceptable here.

I used to be a painter - correct - this is a past state - 'used to' is acceptable here.

I would be a painter - wrong - this is a past state - 'would' is not acceptable here.

If a past action happened only once, 'used to' can not be used.

This painting used to be commissioned in 1856 - wrong.
This painting was commissioned in 1856 - right.

In this episode of The Flatmates, Alice and the guide use 'would have' with a past participle to talk about past possibilities or probabilities .

Alice asks: How long would it have taken to paint?

The guide replies: Well, a painting like this would probably have taken up to a year to complete.

For more information about 'would' for past possibilities and probabilities, see The Flatmates episode 65:

by all means (idiom):
of course, certainly

commission:
to give somebody the job of making a piece of art, such as a painting, poem or sculpture

the wealthy:
rich people in general

status:
the social position of a person in relation to others

admire:
to have or show great appreciation, respect or approval for something