François Pinault's collection valued at 1.5 billion euros
EXCLUSIVE - In anticipation of the opening of his "museum" on the Paris Bourse de Commerce in January, the billionaire is consolidating his artistic activities into a single entity, whose assets are made up of his stock of works.
François Pinault has decided to rationalize the management of his huge collection of contemporary art in view of the opening of his "museum" at the Paris Bourse, which should take place, in principle, next January. According to a document filed with the clerk of the commercial court, Collection Pinault - Paris, which manages the Bourse de Commerce, will absorb Pinault Collection, which owns the majority of the billionaire’s works of art. The two entities are 100% subsidiaries of the family holding company Financière Pinault, as Challenges has already explained.
The merger aims to clarify the governance of its activities. It "aims to simplify the organization and operation of the structures of the group made up of the two companies controlled by Financière Pinault, strengthen the existing synergies between the acquiring company and the absorbed company, and simplify management by combining the activities of the two companies. within a single entity ", specifies the document. Indeed, the coexistence of the two entities posed operational and legal challenges, each with its own board of directors.
Massive purchases of works
The Pinault Collection company is in particular responsible for the loans of works which are intended to be exhibited on the Bourse de Commerce. It also owns the Italian subsidiary which manages the museums of Palazzo Grassi and Pointe de la Douane in Venice. Former Minister Jean-Jacques Aillagon, current Managing Director of Pinault Collection, is expected to continue overseeing all activities while Martin Bethenod remains in charge of the Bourse de Commerce.
Above all, the document presenting the merger project reveals that the assets contributed by Pinault Collection are valued at 1.74 billion euros as of September 30, 2020. However, depending on the year, the value of stocks of works by art, calculated on the basis of their acquisition price, constitutes between 80% and 90% of the gross assets of the company. The collection is therefore now valued at around 1.5 billion, almost double the last known amount.
Indeed, Pinault Collection no longer files its accounts since fiscal year 2017. At the time, the stocks of works stood at 865 million euros. This is hardly a surprise. In recent months, the billionaire has made massive purchases of new works, which he intends to exhibit and therefore promote in the new setting of the Bourse de Commerce, largely dedicated to his personal collection.