PARIS — Luxury titan François Pinault — via his private investment holding company Artémis — has sold a 40 percent stake in the Piasa auction house to Financière Piasa. Its investors include former Hermès executive vice president Christian Blanckaert, former PPR chief executive Serge Weinberg and socialist politician Laurent Fabius.
This story first appeared in the February 7, 2011 issue of WWD. Subscribe Today.
Terms of the deal were not disclosed.
Pinault had already sold a 60 percent stake in Piasa to Financière Piasa in May 2008.
Piasa, France’s fourth-largest auction house, registered 2010 sales of 45 million euros, or $59.8 million at average exchange, up 37.6 percent on-year.
Artémis acquired Piasa in 2000.
Pinault remains the owner of Christie’s auction business, which he acquired in 1998 for approximately $1.2 billion.