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.

Article translated by Amritee Mahabir

Art and wealth have gone hand in hand since time began. In the last decade, we have observed an upset in the distribution of wealth and in the birth of a very high number of so called “new riches”; this doesn’t mean to say that there were no consequences within the artistic sphere.

In Italy new spaces for contemporary art are outlined. But can we stay satisfied? Are we really in step with other countries? Some don’t seem to think so. Mambo, MacRo, Mart, Gam, Gnam, are only some of the few kinds or re-modernised spaces to gather modern and contemporary art collections.