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

The 69-year-old collector eclipsed last year's number one Damian Hirst, who slipped ten places to eleventh.

Pinault, owner of auctioneer Christie's, becomes the first person from outside the US and UK to top the coveted ArtReview magazine Power 100 list. He came third last year.

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

Sam Keller, Charles Saatchi, Bruce Nauman and Jeff Koons also made the top 10.

ArtReview editor John Weich said: "With artists, we often find ourselves weighing selling success against intellectual pull.

"Jeff Koons and Damien Hirst are enormously successful artists, but time and again we came back to Nauman, the most influential artist alive."

The ranking takes into consideration factors such as auction sales and exhibitions in the last year.

Other notable figures that made the top 100 include British dealer Victoria Miro (26), Whitechapel Art Gallery director Iwona Blazwick (43) and female artist Tracey Emin (51).

But 2003 and 2004 winner Ronald S Lauder failed to make the prestigious list this year.

In June, the cosmetics magnate and founder of the Neue Galerie paid a record-breaking $135m for a 1907 portrait by Gustav Klimt.

Bernard Arnault, Chris Ofili, Rachel Whiteread and Zaha Hadid also missed out.

The US has 40 people in the top 100, while the UK comes second with 25.