François Pinault, the billionaire luxury brands owner, will convert the 19th century Bourse de commerce into art museum with architect Tadao Ando

It is the latest chapter in the art-world rivalry of two of France’s richest businessmen: a saga of momentous contemporary art collections and a quest by their owners to build Paris museums that would transform the city’s landscape.

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.

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