Billionaire Ronald Perelman and divestment of his assets continues. First, it was a private plane and yacht, then several shares with AM General. Now the businessman who was once considered the richest person in America is launching a collection of French art and modernist design.

Masterworks of Design

Sotheby’s announced on October 24 through Instagram, the sale titled “The Perelman Collection: Masterworks of Design”, which will take place at the New York store on December 6.

It is presented as one of the most important in a large collection of French designs. never hit a block. The sale of 120 lots has a total estimate between $14 million and $21 million.

Perelman has collected a large number of modern pieces since the 1980s. The sale is expected to include works by Irish furniture designer Eileen Gray, Alberto and Diego Giacometti, cabinet maker Eugène Printz and Art Deco pioneer Emile-Jacques Ruhlmann, among others.

While a full catalog has not been released, exhibits included in court filings and ongoing lawsuits in New York state list the works that could be sold. They include an oak desk by Paul Dupré-Lafon worth $2.5 million, two Jean Dunands worth $2.5 million each, and an Emile-Jacques 12. Ruhlmann side chair for less than a million dollars.

Insurance battle

The sale comes amid an ongoing legal battle between Perelman and an insurance company over the extent of damage to the first five paintings in the 2018 fire at his East Hamptons estate.

Three companies with limited liability related to Perelman, called AGP Holdings, say they owe $410 million for damages to two Andy Warhol paintings, two Ed Ruscha works and a Cy Twombly painting that AGP valued at $125 million dollars, or $ 55 million more than Twombly. Current price index.

Insurers, who paid about $141 million for other property damage related to the fire, rejected AGP’s statement, insisting that any damage to the five buildings could not be attributed to the fire. The case has been ongoing since 2020 but has not been found since the original documents did not identify Perelman or the location of the fire.

Drop in net worth

The decline in Perelman’s income is largely due to the pandemic, with his fortune dropping from $19 billion to $4.2 billion, according to the Bloomberg Billionaires Index.

At the center of his position is Revlon, the beauty industry owned by Perelman. The company filed for bankruptcy in June and was delisted from the New York Stock Exchange on October 21.

Perelman himself pointed to a shift in values ​​and a desire for a simpler lifestyle as the impetus behind his sales. “I decided it was time to come clean, take it easy and give other people the chance to enjoy some of the beautiful things I’ve got like I’ve done for decades,” he said in a statement in 2020.

Prior to the auction, key items from the collection will be on display at Sotheby’s in New York from November 4-14.