Former Paris stock exchange to be reborn as major new art museum

This is the best tl;dr I could make, original reduced by 68%. (I'm a bot)

When the French luxury goods tycoon François Pinault - once described as the most powerful man in the modern art world - stepped out under the magnificent glass dome of the former Paris stock exchange on Monday to unveil the plans for his new modern art museum, the architecture world held its breath.

Scuppered by red tape and building delays several years ago, he had given up on trying to build a museum on the site of an old Renault car factory on the Île Seguin in the middle of the Seine and instead took flight to Italy to set up a series of major art spaces in Venice.

In the meantime, his long-time business rival, Bernard Arnault, the owner of the Louis Vuitton luxury goods group LVMH, built his own rival Paris museum for his own art collection three years ago, in a vast 11,000 sq metre building designed by the American architect Frank Gehry.

Now Pinault is making his long-anticipated renewed bid to create a museum by renovating and restoring the former Paris stock exchange, the 19th century Bourse de commerce - one of Paris's most historically important but least known buildings.

Anne Hidalgo, the mayor of Paris, who negotiated the deal under which Pinault's art foundation will restore the building in exchange for a 50-year tenancy, said the project was an "Immense gift" to the city and would open up a "Closed" building to the public.

Pinault, who also owns Christie's auction house, promised that the renovation and transformation of the stock exchange would be as much a work of art as the pieces set to be displayed inside it.

Summary Source | FAQ | Feedback | Top keywords: build^#1 art^#2 Paris^#3 Pinault^#4 own^#5

Post found in /r/UpliftingNews, /r/worldnewshub, /r/RedditSample, /r/AutoNewspaper, /r/GUARDIANauto and /r/TheColorIsBlue.

NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.