Summary:
- Ronald Perelman was once called “America’s richest”.
- He is selling his collection of French Art Deco and modernist furniture.
- The estimated value of the 120 lots up for sale ranges from $14 million to $21 million.
- The auction will take place on December 6 in New York.
- The company filed for bankruptcy in June, and as of October 21, it was no longer on the New York Stock Exchange.
- The auction will take place at Sotheby’s in New York in November.
Billionaire Ronald Perelman is selling off
Ronald Perelman, a billionaire, is still quickly liquidating his holdings. First, he sold his private jet and yacht. Then, he sold most of his shares in AM General. Now, the man who was once called “America’s richest” is selling his collection of French Art Deco and modernist furniture.
Sotheby’s announced the sale, titled “The Perelman Collection: Masterworks of Design,” on Instagram on October 24. It will take place on December 6 at the auction house’s headquarters in New York. People are saying that it is one of the most important and large collections of French design ever to go on sale. The estimated value of the 120 lots up for sale ranges from $14 million to $21 million.
Sotheby’s said in a statement, “This curated group of works from the Perelman Collection tells the story of a period defined by experimentation, innovation, and the search for modernity.”
Collection Background
Since the 1980s, Perelman has been collecting a large number of early modern pieces. Works by Irish furniture designer Eileen Gray, Alberto, and Diego Giacometti, master cabinetmaker Eugène Printz, and Art Deco pioneer Émile-Jacques Ruhlmann, among many others, will be for sale at the auction.
Despite the lack of a complete catalog, works that may be auctioned are listed in an exhibit that is part of a court case about insurance in New York State. They include a Paul Dupré-Lafon blonde oak secretary worth $2.5 million, two Jean Dunand chairs worth $2.5 million each, and a set of 12 Émile-Jacques Ruhlmann side chairs worth just under $1 million.
Legal dispute
The sale comes as Perelman and a group of insurance companies continue to fight in court over how much damage a fire at his East Hamptons estate in 2018 did to five valuable paintings. AGP Holdings, which is made up of three companies owned by Perelman, says it is owed $410 million for damage to two Andy Warhol pieces, two Ed Ruscha pieces, and a Cy Twombly painting that AGP values at $125 million, which is $55 million more than the current auction record for Twombly.
Even though they had already paid out approximately $141 million for other property damage brought on by the fire, the insurers claimed that any damage to the five works could not have been caused by the fire. Since 2020, the lawsuit has been going on, but no one knew about it because the original filings don’t say who Perelman is or where the fire happened.
Billionaire Ronald Perelman is selling off: Back to basics
According to the Bloomberg Billionaires Index, the pandemic is mostly to blame for Perelman’s fall in wealth, which went from $19 billion to $4.2 billion. Revlon, the beauty products company that Perelman owns most, is at the center of his situation. The company filed for bankruptcy in June, and as of October 21, it was no longer on the New York Stock Exchange.
Perelman himself has said that he sold off his assets because his values had changed and he wanted to live a simpler life. In 2020, he said in a statement, “I’ve decided it’s time to clean up, simplify, and let others enjoy some of the beautiful things I’ve collected the way I have for decades.”
Before the auction, the best pieces from the collection will be on display at Sotheby’s in New York from November 4 to 14.
