Francois Pinault has been named the most powerful person in contemporary art by ArtReview magazine.

The Frenchman, who owns auctioneers Christie's, has now topped the coveted ArtReview list for two consecutive years.

US art dealer Larry Gagosian came second, with Tate director Sir Nicholas Serota third and Glenn Lowry, director of the New York's Museum of Modern Art, fourth.

Commenting on Pinault's place at number one for the second straight year, Mark Rappolt, editor of ArtReview, said: "His influence has been felt more strongly than ever this year with the opening of his major - and very grand - space for his collection, Palazzo Grassi in Venice, and an impressive rosta of exhibitions.

"The show 'Sequence 1' during the Biennale was a major talking point. Among other things, his patronage of artists, such as Subodh Gupta, a new entrant on this year's list, continues to lead taste, affirm value and generate interest."

In the ongoing debate over whether London or New York holds "Art World" supremacy, ArtReview this year judges strongly in favour of New York with 30 per cent of this year's list, compared to London's 18 per cent.

However, five of these nominees are shared between both cities, pointing to the increasing trend for gallery owners to have a foot in each territory.

Los Angeles performed particularly well this year with 11 mentions in the prestigious list.

Germany was third on the list of art nations after the US and the UK with 16 mentions, while Switzerland came fourth with 10.

The number of collectors on this year's list has increased by 10 per cent, reflecting the largest increase of any group.

While New York may dominate this year's list, the highest overall rise has been a British institution, the Haunch of Venison Gallery, which has risen from 54th place to 16th.

The most influential artist this year is Damien Hirst at number six, up slightly from 11th last year, but still nowhere near the top spot as he was in 2005.

Jeff Koons is the second most influential artist at 13, followed by Richard Serra in 19th spot and Richard Prince in 28th place.

New appearances on the 2007 list include the crown prince of Dubai, Sheikh Mohammed bin Zayed al Nahyan of Abu Dhabi, the man behind the ambitious collaborations with the Louvre and the Guggenheim.

Mr Rappolt said: "The interesting story this year is the balance in power between London and New York. While New York dominates this year's list there are reasons to think that London is on the up.

"I also think the rise of India is one of the most interesting developments; whether it will be stronger than the rise of China (which has had absolutely no change really in terms of the Power 100) will be an interesting trend to follow in the coming years.

"The art world might also be surprised to discover Damien Hirst doesn't figure higher than his sixth place on this year’s list, despite the astonishing figures commanded by sales of his recent work. But it's influence as well as money that counts and sometimes £180m is not enough to buy your way to the top!"