The Louvre in France is selling the use of its name to Abu Dhabi for $520 million. The building will cost a mere $108 million to build, but to slap the Louvre name on it, Abu Dhabi will have to part with more than half a billion dollars!
Agence France-Museums, in partnership with Abu Dhabi’s Tourism Development & Investment Company (TDIC), announced that the firm of Nathalie Crinière has been selected to create the exhibition design for the Louvre Abu Dhabi, one of the five major institutions being planned for Abu Dhabi’s Saadiyat Island Cultural District.
The exhibition design competition was organized by Agence France-Museums, which is implementing the agreement between the governments of France and Abu Dhabi that has established the Louvre Abu Dhabi, and TDIC, the developer of Saadiyat Island into a signature cultural, leisure and residential destination.
The Louvre Abu Dhabi is being developed through a 30-year accord between the governments of France and Abu Dhabi. Housed in an extraordinary building, the Louvre Abu Dhabi scheduled to open in 2012/2013, it will present important archeological artifacts and major works of fine arts and decorative arts from cultures around the world and from all historic periods.
Don’t worry though, neither Mona Lisa nor Venus di Milo will leave Paris. The Louvre has many inventory items to spare. Actually, franchise gains popularity even in art. For example, 10 years ago New York’s popular Guggenheim opened a so-called branch in a Spanish city Bilbao. Both profited from this decision.
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