François Pinault
Encyclopedia
François Pinault is a French
businessman who runs the retail
company PPR
. He is a friend of former French President Jacques Chirac
.
His holding company Artemis S.A., owns (or owned), among others, Converse shoes, Samsonite
luggage, Château Latour
, the Vail Ski Resort
in Colorado
, and Christie's
auction house. Artemis also owns Executive Life (now Aurora Life) in California, which was sued by policy holders when the company failed.
in Venice
to display the collection. He has collected works by Damien Hirst.
, the Italian fashion house, which began with an attempted takeover of Gucci by LVMH
, the world's largest luxury goods company. In March 1999, Gucci asked PPR to acquire an ownership interest in Gucci to help fend off LVMH. The result was a struggle between the two richest men in France, both self-made billionaires — Pinault and Bernard Arnault
, the Chairman of LVMH.
The dispute ended in September 2001, when LVMH agreed to sell its shares in Gucci to PPR for $94 a share. As part of the agreement, PPR promised to tender for the balance of the publicly traded shares at a later date. It completed that buy-in in July 2004 and took full control of Gucci.
auction house. In February 2000, A. Alfred Taubman
, majority shareholder of rival company Sotheby's
stepped down amidst a scandal after the Federal Bureau of Investigation
had investigated commission-fixing between the two companies. Pinault was not implicated, but rather it was his actions which precipitated the scandal. He fired Christie's CEO Christopher Davidge over an allegation of extravagant spending. Davidge then admitted the collusion, which had gone on since about 1995, to Artemis' CEO Patricia Barbizet. In October 2000, Sotheby's CEO, Diana Brooks admitted her guilt in hopes of receiving a reduced sentence, and implicated Taubman. In December 2001, jurors in a high profile New York City courtroom found Taubman guilty of conspiracy. He served a year and a day in prison and Mrs. Brooks got 3 months of home confinement and a penalty of $350,000. International law permitted Christie's to avoid prosecution (other than civil penalties).
, Felix Gonzales-Torres, Mike Kelley, Cady Noland
, Sigmar Polke
, and Charles Ray
. The presentation reflects Pinault’s over 30-year commitment to postwar art and his devotion to a group of contemporary artists whose works he has collected in depth.
List of billionaires he is ranked 67th in the world, with an estimated fortune of US$11.5 billion.
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
businessman who runs the retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
company PPR
PPR (company)
PPR is a French multinational holding company specializing in retail shops and luxury brands. The company was founded in 1963 by the businessman François Pinault and is now run by his son François-Henri Pinault. It is quoted on Euronext Paris and is a constituent of the CAC 40 index...
. He is a friend of former French President Jacques Chirac
Jacques Chirac
Jacques René Chirac is a French politician who served as President of France from 1995 to 2007. He previously served as Prime Minister of France from 1974 to 1976 and from 1986 to 1988 , and as Mayor of Paris from 1977 to 1995.After completing his studies of the DEA's degree at the...
.
His holding company Artemis S.A., owns (or owned), among others, Converse shoes, Samsonite
Samsonite
The Samsonite Corporation makes luggage with its products ranging from large suitcases to small toiletries bags and briefcases. It was started in Denver, Colorado, USA in 1910 byJesse Shwayder, as the Shwayder Trunk Manufacturing Company. Shwayder named one of his initial cases "Samson", after the...
luggage, Château Latour
Château Latour
Château Latour is a French wine estate, rated as a First Growth under the 1855 Bordeaux Classification. Latour lies at the very southeastern tip of the commune of Pauillac in the Médoc region to the north-west of Bordeaux, at its border with Saint-Julien, and only a few hundred metres from the...
, the Vail Ski Resort
Vail Resorts
Vail Resorts, Inc. runs four ski resorts in Colorado, as well as two in Lake Tahoe and a summer resort in Wyoming. They also own luxury resort hotels throughout the United States. The company trades on the New York Stock Exchange, symbol MTN...
in Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
, and Christie's
Christie's
Christie's is an art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
auction house. Artemis also owns Executive Life (now Aurora Life) in California, which was sued by policy holders when the company failed.
Art collector
Pinault owns one of the biggest collections of contemporary art worldwide. On the magazine ArtReview's 2006 list of most powerful people in modern art, he was ranked in first place. In 2006 he obtained the ownership of Palazzo GrassiPalazzo Grassi
Palazzo Grassi is an edifice in the Venetian Classical style located on the Grand Canal of Venice, northern Italy...
in Venice
Venice
Venice is a city in northern Italy which is renowned for the beauty of its setting, its architecture and its artworks. It is the capital of the Veneto region...
to display the collection. He has collected works by Damien Hirst.
Gucci deal
Pinault led PPR through a long battle over control of GucciGucci
The House of Gucci, better known simply as Gucci , is an Italian fashion and leather goods label, part of the Gucci Group, which is owned by French company PPR...
, the Italian fashion house, which began with an attempted takeover of Gucci by LVMH
LVMH
LVMH Moët Hennessy • Louis Vuitton S.A., better known as LVMH, is a French multinational luxury goods conglomerate headquartered in Paris, Île-de-France, France. The company was formed after the 1987 merger of fashion house Louis Vuitton with Moët Hennessy, a company formed after the 1971 merger...
, the world's largest luxury goods company. In March 1999, Gucci asked PPR to acquire an ownership interest in Gucci to help fend off LVMH. The result was a struggle between the two richest men in France, both self-made billionaires — Pinault and Bernard Arnault
Bernard Arnault
Bernard Arnault is a French business magnate who is best known as the chairman and CEO of the French conglomerate LVMH. According to Forbes Magazine, Arnault is the world's 4th and Europe's richest person, with a 2011 net worth of US$41 billion.-Education and business career:Arnault was born...
, the Chairman of LVMH.
The dispute ended in September 2001, when LVMH agreed to sell its shares in Gucci to PPR for $94 a share. As part of the agreement, PPR promised to tender for the balance of the publicly traded shares at a later date. It completed that buy-in in July 2004 and took full control of Gucci.
Auction house scandal
In 1998, Pinault purchased a majority share of Christie'sChristie's
Christie's is an art business and a fine arts auction house.- History :The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766, and the earliest auction catalogue the company retains is from December 1766...
auction house. In February 2000, A. Alfred Taubman
A. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
, majority shareholder of rival company Sotheby's
Sotheby's
Sotheby's is the world's fourth oldest auction house in continuous operation.-History:The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being founded in 1731, all Swedish...
stepped down amidst a scandal after the Federal Bureau of Investigation
Federal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
had investigated commission-fixing between the two companies. Pinault was not implicated, but rather it was his actions which precipitated the scandal. He fired Christie's CEO Christopher Davidge over an allegation of extravagant spending. Davidge then admitted the collusion, which had gone on since about 1995, to Artemis' CEO Patricia Barbizet. In October 2000, Sotheby's CEO, Diana Brooks admitted her guilt in hopes of receiving a reduced sentence, and implicated Taubman. In December 2001, jurors in a high profile New York City courtroom found Taubman guilty of conspiracy. He served a year and a day in prison and Mrs. Brooks got 3 months of home confinement and a penalty of $350,000. International law permitted Christie's to avoid prosecution (other than civil penalties).
Mapping the Studio
"Mapping the Studio" is a show in which the collection of François Pinault is the basis of the exhibition in Punta della Dogana, a second museum in Venice opened by Pinault. Taking place on June 6, 2009, it is coorganized by the curators Alison Gingeras and Francesco Bonami. It includes 300 works from over 50 artists, including Robert GoberRobert Gober
Robert Gober is an American sculptor. His work is often related to domestic and familiar objects such as sinks, doors, and legs.-Life and work:...
, Felix Gonzales-Torres, Mike Kelley, Cady Noland
Cady Noland
Cady Noland is a conceptual sculptor and an internationally exhibited installation artist, whose work deals with the failed promise of the American Dream and the divide between fame and anonymity among other themes. Her work has been exhibited in museums and expositions including the Whitney...
, Sigmar Polke
Sigmar Polke
Sigmar Polke was a German painter and photographer.Polke experimented with a wide range of styles, subject matter and materials. In the 1970s, he concentrated on photography, returning to paint in the 1980s, when he produced abstract works created by chance through chemical reactions between paint...
, and Charles Ray
Charles Ray (artist)
Charles Ray is a Los Angeles-based sculptor. He is known for his strange and enigmatic sculptures that draw the viewer’s perceptual judgments into question in jarring and unexpected ways...
. The presentation reflects Pinault’s over 30-year commitment to postwar art and his devotion to a group of contemporary artists whose works he has collected in depth.
Wealth
According to ForbesForbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
List of billionaires he is ranked 67th in the world, with an estimated fortune of US$11.5 billion.