Perelman Sold Art by Picasso, Basquiat to Repay Banks $1 Billion
- Works by Twombly, Pollock and Warhol also among those unloaded
- Investor’s art collection used as collateral to fuel borrowing
Embattled investor Ron Perelman sold art worth nearly $1 billion after shares of Revlon Inc. he was using as collateral plunged and lenders including Deutsche Bank AG demanded repayment, recently unsealed court filings show.
The list is a who’s-who of 20th century artists, including Cy Twombly, Ed Ruscha, Andy Warhol, Jackson Pollock, Alberto Giacometti, Roy Lichtenstein, Pablo Picasso and Jean-Michel Basquiat.