the times |Saturday June 42011 37 News Modern Medicisflashtheir cashinVenice as theworld of artgoesintoaneworbit

DAVID BEBBER FOR THE TIMES; EPA; GETTY IMAGES; REX FEATURES Tycoonsare partying the best parties in Venice are private affairs like that one. The bill for renting in palazzos to show off apalazzo, importing bulky artworks by boat and hosting agrand party can run theirnew commodity, into millions of euros. “This is not big money,” Mr Pinchuk said. “But you writes BenHoyle, have to be ready to spend it.” Many guests had come from Miuccia Arts Correspondent Prada’s star-studded party in the Ca’ Corner della Regina, another exquisite palazzo. The previous night it had been ir Elton John swept from his the turn of François Pinault to show off speedboat on the Grand Canal his largesse with acandlelit dinner for a into amagnificent palazzo full W Francois Pinault (with Kristin thousand at the Cini Foundation’s con- of new international art and Scott Thomas) France, luxury verted monastery on the island of San S beamed like aproud parent at goods. Collecting activity: show at Giorgio Maggiore. Mr Pinault, whose aschool prizegiving. Palazzo Grassi, above, spotlights estimated $8.7 billion (£5.3 billion) for- He greeted his host, aUkrainian Africa, China and Middle East. Hirst tune stems from afine-living empire billionaire, bought one of the hulking is among his favourite artists that includes Gucci, Yves Saint Lauren, concrete sculptures in the foyer and Château Latour and Christie’s, has ascended the stairs to meet ayoung V Jochen Zeitz Germany, filled two venues: aformer customs Brazilian artist who recently won anew sportswear. Collecting activity: and yet another palazzo. art prize that Sir Elton helps to run. fascinated by the African diaspora The Palazzo Grassi display, The It was ascene that pulled together World Belongs to You,emphasises most of the dominant threads of this Africa, China and the Middle East. “Art year’s Venice Biennale, the world’s exists not only in Italy and Europe and biggest and most important contempo- the States but throughout the world,” rary art event. Every two years artists, Mr Pianult said. “There are artists at collectors, curators and critics swarm the heart of Africa that are just as great to Venice to take the temperature of as Europeans or Americans.” the art world. There are also rich men all over the Historically, the 116-year-old event world, one obvious difference from the was about national pride, scholarly days when wealthy patrons such as the public institutions and dramatic break- Medicis bankrolled the Renaissance in throughs within the tradition of Italy. Mr Pinaultsaid that he had enter- Western art. But the balance has been tained agroup of 25 Chinese collectors shifting over two decades and this year and future collectors in Venice, many it is clear that ahandful of super-rich collectors and philanthropists are setting the pace in Venice and, by exten- ‘Thereusedtobea sion, in the art world in general. purity aboutthe whole Evidence of their influence is as un- avoidable as Roman Abramovich’s thing. That’s changed’ colossal yacht moored near the main exhibition site. Their wealth is of whom want to open private art bankrolling not only lavish parties V Victor Pinchuk X Jean Pigozzi Italy, photographer museums in China. As art becomes frequented by the likes of Naomi (with Sir Elton and heir to car-manufacturing global, institutions that used to shape Campbell and Leonardo DiCaprio but John) Ukraine, fortune. Collecting activity: owns tastes are struggling to react as quickly also new competitions, huge private steel and media. biggest collection of contemporary as these voracious individuals. museums in once-crumbling palazzos Collecting African art; loans to Guggenheim Mark Coetzee, curator of the collec- and amuch broader, global vision of activity: big and Pompidou, far left tion of Joachim Zeitz, the chairman the art world. name and chief executive officer of Puma All over Venice this year, art from contemporary V Italy, fashion. and atrusted lieutenant in Pinault’s Africa, Asia, Latin America and the artists such as Collecting activity: mid- 20th PPR conglomerate, said: “When you Middle East is more prominent than Antony century Italian art hear what’s bought and sold, it’s ever and so is private money. Gormley, Jeff curious how the institutions are just So at the 16th-century Palazzo Koons and not in the game any more.” Papadopoli, Sir Elton shook hands According to The Art Newspaper, with his friend Victor Pinchuk, a (his Zeitz bought one of the most striking Ukrainian steel and media magnate. secretary has works at the biennale for about Mr Pinchuk is using the building to her own Hirst $250,000 —ahuge dragon made from showcase the leading entries for his painting over recycled rubbish by the South African Future Generation Art Prize, a her desk), artist Nicholas Hlobo. $100,000 (£61,000) global competition Ukrainian artists Gregor Muir, the director of the for young artists. It was awarded for and finding stars Institute of Contemporary Art in the first time last December, to the of the future in London, remembers when “the Brazilian artist Cinthia Marcelle. emerging world presence of high-level collectors wasn’t Sir Elton is aboard member, regions such afeature of the biennale and there with the artists Damien Hirst and was asense of purity about the whole , the fashion design- thing. Clearly that’s changed.” er Miuccia Prada, various It has not necessarily reduced the high-rolling quality of art on show but it has made philanthropists and the event feel more like agiant trade Sir , fair and amarketing platform. For the the director of the artists hoisted to prominence, the galleries. Mr struggle is to avoid being distracted by Pinchuk says that the whole circus. his prize is about Marcelle said that she was grateful “giving the artists for her Future Generation Art Prize, visibility”. One way which, with the new baby that she was of doing that is to juggling at the party in Mr Pinchuk’s throw agarden party palazzo, has transformed her life. for the cream of the art She also recognises that it makes world, as he did on financial sense for big collectors to buy Thursday night. and promote work by people such as With national cul- her. “Compared to the work of estab- ture budgets pared lished artists, the price of artists from down all over the world, Latin America is nothing. The most im- portant thing for [people like Pinchuk] Leonardo DiCaprio: a is building acollection, but they are guest at the parties investing in their fortune as well .”