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Billionaire Ronald Perelman Is Selling More Of His Art Collection

We may never find out exactly what Perelman is selling or for how much, as a large portion of his collection will be auctioned privately. However, a source claims that some of his holdings could turn up at future Sotheby’s public auctions.

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Recently, billionaire Ronald Perelman announced his plans to sell a few high-profile works from his renowned art collection. Now, according to Bloomberg, he has hired Sotheby’s to find buyers for another section of the collection, which is thought to be worth hundreds of millions of dollars. According to reports, Perelman plans to use a portion of the sales profits to pay off an unkown loan he owes to Citigroup. Whether that is the case or not, the decision is consistent with his past claims that he is looking for a “less complicated and leveraged business life,” as per a recent press release: “We [MacAndrews & Forbes Inc] are adapting in light of this. After streamlining our business, we’re now considering selling some of our assets. The modifications we’re making fortify M&F and increase its adaptability going forward. Like most New Yorkers, I spent the last six months primarily at home. My energy has increased, and I’ve learned new things, thanks to a simpler existence that involves less rushing around and more time spent with my family, including homeschooling our youngest children. In the coming years, I plan to spend more time with my children and family, look for new investment possibilities, and manage our portfolio firms.”

Bennett Raglin/Getty Images

Getty Images/Bennett Raglin

We may never find out exactly what Perelman is selling or for how much, as a large portion of his collection will be auctioned privately. However, a source claims that some of his holdings could turn up at future Sotheby’s public auctions. Due to the fact that many artists are represented in many works in his collection, Perelman prefers to sell his pieces in smaller groups rather than all at once in order to maximize their worth. We don’t know what he plans to sell exactly, but the pieces’ estimated total value is in the hundreds of millions of dollars. His collection is already known to include sculptures by renowned artist Jeff Koons as well as works by well-known artists like Mark Rothko, Andy Warhol, and, in the case of two paintings he sold earlier this year (for $37.3 million, much less than the $53 million he was seeking), Joan Miro and Henri Matisse.

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