French billionaire art collector François Pinault announced that his $170 million contemporary art museum in Paris is slated to open next June near the Louvre and Centre Pompidou. The Bourse de Commerce—Pinault Collection will be housed in the city’s old stock exchange, which is being designed by the Pritzker Prize–winning architect Tadao Ando, and is to host ten exhibitions a year drawing from Pinault’s collection.
The plans for the space were previously reported to encompass 9,850 square feet of exhibition space, a black-box theater, and an auditorium. Earlier this year, Pinault said he wants the museum to complement existing art institutions in Paris, and that he will collaborate with the Pompidou on a program that will take place concurrently at both venues in 2020.
Over the last fifteen years, eighty-three-year-old Pinault—whose luxury conglomerate company Kering owns brands including Gucci, Saint Laurent, Bottega Veneta, Alexander McQueen, and Balenciaga—also opened the contemporary art museums Palazzo Grassi (in 2006) and the Punta della Dogana (in 2009) in Venice. Pinault also owns the holding company Artemis S.A., which owns Christie’s.
The businessman has been collecting for more than forty years, and his collection, comprising some 5,000 works, includes work by Cindy Sherman, Albert Oehlen, Jeff Koons, Damien Hirst, and Louise Bourgeois. He has previously staged major blockbuster exhibitions by Hirst, Albert Oehlen, and Sigmar Polke.