Billionaire Perelman to Sell Matisse, Miro Works for $53 Million
(Bloomberg) -- Ronald Perelman, the billionaire who said last week he’s looking to rework his investment empire, has extended that review to include his prized art collection.
Perelman, 77, will look to sell two modern paintings this month, according to people familiar with his collection. The works by Joan Miro and Henri Matisse could fetch as much as 42 million pounds ($53.3 million) at Sotheby’s mixed-category auction, titled “From Rembrandt to Richter,” on July 28, said the people, who asked not to be identified because Perelman is selling the works anonymously.
Josh Vlasto, a spokesman for Perelman’s investment company MacAndrews & Forbes, declined to comment, as did Sotheby’s.
Vlasto said last week that Perelman is looking at options including the divestment of certain assets “due to changes in the world both socially and economically.” The move “will allow us to be opportunistic and flexible in looking at new situations,” according to a statement. Perelman, who owns Revlon Inc., said last week he’s exploring selling his shares in Scientific Games Corp.
His art collection is worth billions of dollars and comprises mostly 20th century works with sculptures by Alberto Giacometti and Jeff Koons and paintings by Mark Rothko, Cy Twombly and Ed Ruscha.
Perelman’s Miro at Sotheby’s has the highest estimate in the sale that also includes a self portrait by Rembrandt. Estimated at 20 million pounds to 30 million pounds, the painting could set a new auction record for Miro, which is currently 23.6 million pounds.
“Peinture (Femme au Chapeau Rouge),” depicting signs and symbols floating against a blue background, was painted in 1927, soon after the artist participated in the first Surrealists exhibition in Paris. It was once owned by artist Alexander Calder, according to Sotheby’s. The Miro catalogue raisonne lists the work in the collection of Revlon.
The second Perelman lot at Sotheby’s is a 1942 Matisse painting, “Danseuse dans un interieur, carrelage vert et noir,” estimated at 8 million pounds to 12 million pounds and depicting Italian countess Carla Avogadro as a reclining dancer, according to Sotheby’s. It had been in the same collection since 1989, the auction house said.
Perelman is worth $7.8 billion, making him the 79th-wealthiest person in the U.S., according to the Bloomberg Billionaires Index. His fortune has tumbled from more than $19 billion in January 2018. Revlon has struggled with a high debt load and faced competition from smaller companies that have used social media to lure away customers.
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