Top Collector Ron Perelman Sold 71 Works Worth $963 M. by Picasso, Warhol, Basquiat and Others to Repay Banks

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Businessman Ronald O. Perelman, who appeared on the ARTnews Top 200 Collectors several times and was once a frequent Gagosian client, sold 71 artworks by blue-chip artists for $963 million between 2020 and 2022, according to recently unsealed court filings.

The 71 works included multiple pieces by Cy Twombly, Ed Ruscha, Andy Warhol, Alberto Giacometti, Roy Lichtenstein, Pablo Picasso, Ellsworth Kelly, Brice Marden, Jasper Johns, Egon Schiele, Jean-Michel Basquiat, Anish Kapoor, Mark Rothko, Francis Bacon, and Jackson Pollock.

The sale of the artworks through Sotheby’s auctions and private sales occurred after the value of shares of Revlon Inc., which his holding company had acquired for $1.74 billion in 1985, fell significantly due to the impact of the Covid-19 pandemic on global stock markets. Perelman has been using those as collateral for loans.

While there had been previous reports about Perelman selling off “a large portion of his sprawling 1,000-item art collection,” the recent court filing in a four-year-long insurance court case is the first account released to the public of all the works sold, License.

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Top Collector Ron Perelman Sold 71 Works Worth $963 M. by Picasso, Warhol, Basquiat and Others to Repay Banks