In the last few days rumours about the news have been going round; at last it has been confirmed. Last 15th May, French billionaire François Pinault, famous collector and owner in Italy of Palazzo Grassi, sold 60% of his shares of Piasa. The auction house was 100% owned by his firm Artemis, financial group with interests in various sectors: from the real estate to the insurance sector, from industry to services and distribution (among the various chains owned, even FNAC), from luxury goods (Gucci) to wines (Chateau Latour) and naturally auction houses. Indeed Pinault managed to combine his interests for the art sector with his financial interests. Through Artemis, he has owned Christie’s since 1998 and, until a few days ago, he was the owner of Piasa.
Some people believe that the sale of the French auction house is due to a need for fresh financial resources. Nothing has been disclosed with regard to the financial conditions related to the sale.
Piasa had been acquired by Artemis in 2001. It is the third French auction house for its sales turnover. In 2007, Piasa totalled 48,7 million euros, with a 34% increase compared to 2006; while the first quarter of 2008 had a 25% growth with respect to the same period of the previous year.
After a few days of exclusive negotiations, the new owner of Piasa is Laurent Fabius, ex-French prime minister, who bought the shares with the participation of other five businessmen bound to him by friendship: Charles-Henri Filippi, ex of the cabinet of Social Affairs minister Georgina Dufoix and president of HSBC bank; Jérôme Clément, president of the Art TV channel and collaborator of Pierre Mauroy; Louis Schweitzer, Renault chief executive; financer Marc Ladreit de Lacharrière, the 25th richest man of France; Christian Blanckaert, general manager of Hermès International; and Serge Weinberg, former director of Pinault’s distribution firm, the PPR.
In an interview released to Paris Match, Laurent Fabius claims that “it is a hobby. It is a partnership with some friends for a high-quality and renowned auction house of moderate dimensions. I have always been interested in both traditional and contemporary art. I often go to Drouot, I look for interesting objects at antiquarians and fairs. I put on my hat and hop!”
Laurent Fabius actually pursues a family tradition. Indeed he comes from a big family of antiquarians and his brother François was an important art gallery manager on the Paris scene.