PARIS, FRANCE.- French billionaire François Pinault has decided to move his modern art collection to Venice because there was too much unnecessary bureaucracy. Pinault had planned to use the site of the old Renault works on the island of Seguin to house his art museum, but not anymore.

François Pinault announced with great sadness that he will now house his collection in the 18th century Palazzo Grassi on Venice's Grand Canal.

Mr. Pinault stated, "Eternity is the time of art, not of those projects that seek to serve it."

Mr. Pinault complained of facing years of delay. The museum was to have a design like an ocean liner by Japanese architect Tadao Ando. Mr. Pinault's collection of 2,500 items including paintings, sculpture and videos were to be housed at this museum.