October 15, 2019,   3:30 PM

This French Billionaire Is Opening A $170M Private Art Museum

Jamila Gandhi


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The “Bourse de Commerce”—a private museum for Kering billionaire François Pinault’s collection—is now scheduled to open in June 2020. The development of the museum is estimated to cost around $170 million.

Pinault founded Kering, which started as a wood and building materials company, in 1963. In 1999, Pinault changed the direction of the business towards luxury goods when he bought a controlling stake in the Gucci Group. Today, he sits atop a fortune worth $31.1 billion and is the honorary chairman of the rebranded luxury group Kering, which owns fashion houses Saint Laurent, Alexander McQueen and Gucci.

The self-made billionaire and his family own a 3,000-piece art collection, with works by Picasso, Mondrian and Koons. Pinault currently operates two other museums in Venice; he acquired the Palazzo Grassi, in 2005 and inaugurated it in 2006, and opened the Punta della Dogan in 2009. These sites were renovated and rehabilitated for their new purpose by Japanese architect, Tadao Ando, a Pritzker Architecture Prize laureate.

Source: Bource de Commerce Website

Pinault selected Ando again to mastermind the conversion of the “Bourse de Commerce” into a museum. The cylindrical building finished all structural work in June and will undergo work in the surrounding area next month. "With the creation of this new museum, I am writing the next chapter of my cultural project, whose goal is to share my passion for contemporary art with as broad an audience as possible,” said the art collector on the museum website.

The art aficionado is also the founder of the Pierre Daix Prize, in homage to his friend, the art historian Pierre Daix. Established in 2014, it is awarded each year to an exceptional study of modern or contemporary art. The billionaire also made headlines earlier this year within the Paris art scene. Following the disastrous fire of the Notre-Dame cathedral in April, Pinault and his son, François-Henri, pledged $113 million in aid to restore the landmark.

Source: Bource de Commerce Website

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