Bernard Arnault, the billionaire art collector and LVMH chairman, harshly criticized a proposed French tax on the ultra-wealthy, calling it "offensive" and "deadly for our economy." The plan, devised by economist Gabriel Zucman, would impose a 2% tax on the wealth of the richest individuals, projected to raise 20 billion euros ($27 billion). Arnault, worth $156 billion according to Forbes, insulted Zucman as a "far-left activist" with "pseudo-academic competence," prompting a rebuttal from Zucman and support from economist Thomas Piketty.
The dispute matters because it highlights tensions between the art world's wealthiest collectors and progressive tax policies aimed at reducing inequality. Arnault, a regular on the ARTnews Top 200 Collectors list, represents a class of ultra-wealthy art patrons whose fortunes are tied to luxury conglomerates like LVMH. The outcome of this tax debate could affect how major collectors engage with the art market and philanthropy in France, and it underscores broader societal conflicts over wealth concentration and democracy.