Make Believe gave Andre Fabre his sixth win in the French 2,000 Guineas when making all from his stablemate New Bay at Longchamp.
Olivier Peslier had the son of Makfi smartly out of the stalls and was soon in command on the far rail.
Mr Owen tried to put in a strong bid in the straight, but Make Believe continued to gallop on resolutely to win impressively.
New Bay made eyecatching late headway from his wide draw to snatch second place ahead of Mr Owen, with Frankie Dettori's mount Karar fourth.
Highland Reel broke well for Ryan Moore but could never build on his good early position and Aidan O'Brien's representative finished only sixth.
Earlier, Ampere wore down Ryan Moore's mount Cape Clear Island to maintain his unbeaten record in the Prix Hocquart.
Successful on his debut over the course and distance a month ago, Ampere knuckled down in pleasing fashion to get the better of O'Brien's first string.
Mickael Barzalona had to keep Fabre's Galileo colt, the 11-10 favourite, up to his work to gain a narrow victory over the Irish raider but was on top at the line.
Canndal was third and O'Brien's other runner Royal Navy Ship fourth.
The winner does not hold an entry in the Investec Derby at Epsom on 6 June.
Ted Voute, racing manager for owner Prince Faisal, said of the three-length winner: "We're just delighted. Olivier Peslier rode a fantastic race.
"We were drawn very well, which helped in that situation, and the second horse ran a tremendous race from where he was drawn.
"It was typical of Andre Fabre. He told us the horse would run well and he's done even better than he forecast.
"He seemed to like the ground as well. It's just good ground here.
"I would suspect that the Prince and Andre will sit down and discuss probably going to Royal Ascot (for the St James's Palace Stakes)."
The Charlie Hills-trained Muhaarar ran with credit to be eighth having been drawn widest of all in stall 18, one place behind O'Brien's other runner, War Envoy.
Kevin Ryan's Flaming Spear was prominent early before eventually finishing 11th, with Saeed bin Suroor's Maftool 14th and the Richard Hannon-trained Smaih last.
