In recent art world news, it was reported that one of the world’s largest private art collections is to be housed in a new Paris museum in close proximity to the Louvre. The art collector behind the enormous collection worth $1.4 billion is luxury goods billionaire, François Pinault, who also owns Christie’s auction house.

Pinault has amassed a vast collection of modern art work from various internationally renowned artists such as Mark Rothko and Damien Hirst. The collection is presently displayed at Pinault’s private museums (i.e., Palazzo Grassi, Punta della Dogana, and the Teatrino di Palazzo Grassi) in Venice. For decades up until now, the collector had been unable to locate a suitable home for his collection in Paris.

The new museum is near the Pompidou Centre, which is home to Europe’s largest contemporary art collection.

French businessman and France’s wealthiest man, Bernard Arnault, opened his own Frank Gehry-designed Louis Vuitton Foundation museum for his art collection in October 2014. With Arnault’s museum opening and the recent announcement of Pinault’s new museum, the City of Light is transforming into an emerging contemporary art center.

Pinault’s new museum is expected to open in 2018 and will work in tandem with the collector’s other cultural institutions in Venice.