PARIS—Bernard Arnault, the chairman of LVMH Moet Hennessy Louis Vuitton SA and France's richest man, is planning an art foundation in Paris, Bloomberg reports. The Louis Vuitton Foundation will be housed inside the children's amusement park the Jardin d'acclimatation, in Bois de Boulogne, and run by Suzanne Page, who previously ran the Musee d'Art Moderne de la Ville de Paris.

The €100 million ($140 million) foundation will house LVMH's collection — whose highlights include a bull's eye drawing given to Arnault by Damien Hirst and a pastel given to him by Francis Bacon — and hold rotating exhibitions. In the French weekly L'Express last month, Arnault described the Frank Gehry–designed home for the foundation as a "cloud" and a "bold and complex project to build."

Jean-Paul Claverie, Arnault's arts-patronage advisor, said of the project: "It's a way of showing that luxury, which often has an arrogant, elitist, egotistical image, can be generous." The foundation is projected to open in 2010.

Arnault is also currently sponsoring a large Picasso exhibition, "Picasso et les Maitres" (Picasso and the Masters), which will be housed mainly in the Grand Palais with smaller shows at the Louvre and the Musee d'Orsay; and a 49-piece show of work by Gerhard Richter at the Serpentine Gallery in London. The Picasso show runs from October 8 through February 2, 2009, and the Richter show is on view at the Serpentine through November 16.