Private museums open to the public

The latest status symbol among wealthy collectors: opening a private museum that is open to the public.

Arnault's vision is his own, but his art aspirations are part of a growing trend. No longer content with benefactor billing at existing institutions, wealthy businesspeople around the world are breaking ground on the ultimate status symbol, and one that's still a socially acceptable splurge in the current economic climate: private museums that are open to the public.

Although I like the idea of being able to see private collections that we'd never get to see otherwise, I'm a little troubled by spending this kind of ego-boosting money on star power architects to design buildings whose primary purpose is to show off trophy art collections. If these guys really want to make a difference and leave a lasting legacy, how about engaging in patronage that nurtures emerging artists and creative thinking.

More here from Fortune magazine.