LARRY GAGOSIAN

Paris was the heart of the art world for much of 20th century, but France currently has a fraction of the world market, says Georgina Adam, a market specialist at London-based journal The Art Newspaper. She said Gagosian was likely drawn to Paris not so much by the revival of contemporary art in France as by the presence of rich art collectors such as Francois Pinault, the head of retail group PPR. "It's all about the big rich names. There are several very rich collectors in Paris so I imagine he wanted to have a gallery on their doorstep," she told AFP. ArtReview magazine this year ranked the silver-haired Gagosian as the most powerful figure in the art world. France's culture Minister Frederic Mitterrand presented him on Monday with the Legion of Honour, France's highest civil honour, a spokeswoman for the launch said. Gagosian directors refused to say how much money would change hands in the new gallery. Auction house Christie's sold a 2004 Twombly painting for 2.5 million pounds (2.8 million euros, 3.9 million dollars) in London in June.

-France24.com