Art Industry News: Mega Collector and Luxury Magnate Bernard Arnault has Surpassed Elon Musk as World’s Richest Man + Other Stories

Art Industry News is a daily round-up of the most momentous developments in the art world and art market. Here’s what you need to know this Friday, December 9th.

DEFINITELY READ

Pakui Hardware will represent Lithuania at Venice Biennale – The early Venice announcements keep rolling! Pakui Hardware, consisting of Neringa Cerniauskaite and Ugnius Gelguda, plans to present an immersive installation featuring works by modernist painter Marija Teresė Rožanskaitė. Estonia and France have also already nominated their artists for the 2024 edition. (press release)

Bernard Arnault is now the richest person in the world – Bernard Arnault, owner of luxury conglomerate LVMH and one of the world’s top art collectors, saw his wealth rise by $2.2 billion this week, meaning he’s squeaked past Elon Musk to become the world’s richest person. He and his family have a net worth of $186.9 billion. (forbes, ARTnews)

The Netherlands returns 200 artifacts to Mexico More than 220 pre-Hispanic artifacts have been returned to Mexico as a result of “active collaboration” between the country and the Netherlands. Mexican President Andrés Manuel López Obrador launched a social media campaign calling for the return of cultural objects, and so far more than 9,000 have been returned. (The art newspaper)

Libbie Mugrabi pleads not guilty to assaulting housekeeper – The art collector appeared in Southampton Town Justice Court to plead not guilty to breaking her former housekeeper’s mobile phone and threatening her with a knife and mop handle last summer. Libbie is the ex-wife of billionaire collector David Mugrabi. (page six)

movers & shakers

American Women’s History Museum Receives $1 Million Gift – Consulting firm Deloitte has established itself as a founding donor of the forthcoming museum in Washington, DC, with a $1 million donation. The law establishing the museum, which aims to honor and recognize the historical achievements of women, was passed in 2020. (press release)

LA’s Natural History Museum to reopen in 2024 – The renovation and expansion project, dubbed NHM Commons, will open to the public in 2024, a year later than originally planned. The $75 million project adds 60,000 square feet to the institution and includes a 400-seat theater, coffee shop, gift shop and event space. (Los Angeles Times)

Park West opens outpost in New York – Park West Gallery, the 50-year-old company best known for selling art on cruise ships, is opening a brick and mortar store in New York’s SoHo. It is her third gallery in the past two years, following locations in Las Vegas and Honolulu. The gallery will feature historical works by artists such as Picasso and Renoir alongside pieces by living artists such as Hunt Slonem and Mark Kostabi. (press release)

FOR ART

The Prada Foundation ‘recycles’ beauty A new exhibition at the Milan institution (on view until February 25) offers a unique look at classical art. The installation, designed by architect Rem Koolhaas, sees old busts installed on the booth’s desks. The aim is to show that our understanding of art and beauty is by no means as fixed as art historians sometimes imagine. (financial times)

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