Billionaire Fashion Magnate François Pinault to Open $170M Art Museum in Paris

In addition to being a titan of the fashion industry, François Pinault is a major art collector.

Now, the 85-year-old Kering founder is preparing to open a $170 million private museum in Paris to showcase his collection.

The museum, designed by Japanese architect Tadao Ando, is slated to open in June 2020. It will showcase some 5,000 works of contemporary art by the likes of Jeff Koons, Cindy Sherman and Damien Hearst. The museum is housed in the Bourse de Commerce, Paris’ former stock exchange building.

According to the Bloomberg Billionaires Index, Pinault is the 22nd richest man in the world, with a net worth of $35 billion. Most of his fortune issues from his founding of Kering, the luxury group that houses Gucci, Saint Laurent, Bottega Veneta and more. Pinault stepped away from day-to-day operations of the conglomerate in 2003 and his son, François-Henri, currently serves as chairman and CEO.

Considered by many to be one of the most important figures in the French art scene, Pinault tried to open a museum in his native France in 2000, but the project never got off the ground. He has two museums in Venice — the Palazzo Grassi and the Punta della Dogana — both of which were also designed by Ando.

The Bourse is centrally situated near two legendary Paris art sites: the Centre Pompidou and the Louvre. It will be the second billionaire-funded art space in the city, joining the Fondation Louis Vuitton, which LVMH magnate Bernard Arnault opened in 2014.

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