Jun 13, 2023 - Economy

Private equity reportedly eyes French art gallery Perrotin

Dan Primack,
Felix Salmon

Illustration of various U.S. bills framed on a gallery wall — Illustration: Annelise Capossela/Axios

Colony Investment Management is in talks to buy a majority stake in Perrotin, a French contemporary art gallery, according to Bloomberg.

Why it matters: Private equity doesn't typically buy art galleries, and art galleries don't typically want to be bought by private equity.

Background: Perrotin is mostly famous for generating buzz at Art Basel Miami Beach. In 2019, it was a banana. In 2023, it was an ATM showing bank balances, created by an organization that itself is funded with VC money.

The bottom line: There are still corners of the art market where talking about money and the profit motive is considered déclassé; Perrotin is at the other extreme.

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Private equity reportedly eyes French art gallery Perrotin

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