The board is intended to “raise the bar on the gallery’s strategic thinking and vision for the future,” founder Larry Gagosian said in a statement. In addition to Delphine Arnault, eldest daughter of LVMH chairman Bernard Arnault and member of the group’s executive committee, the board includes Snapchat’s Evan Spiegel, filmmaker Sofia Coppola and others.

Gagosian has firmly denied rumors that the Mr Gagosian, who owns 100% of the business, estimated to clear $1 billion in sales annually, is selling his gallery to LVMH. But the 77-year-old mega-dealer, a bachelor with no children, has yet to devise a succession plan and recently told The New York Times: “If somebody swooped in and wanted to make a major investment, I think anybody would listen to that.”