(Bloomberg) — Ronald Perelman, who sold two of his paintings for $37.3 million last month, has authorized Sotheby’s to find buyers for hundreds of millions of dollars of additional works from his vast collection as the billionaire pares his holdings.
Most of the pieces from his trove of 20th and 21st century art are being offered privately, but some may come to auction, according to people with knowledge of the matter, who asked not to be identified because the information is private.
A spokeswoman for Perelman declined to comment on the sales.
At least some of the proceeds will be used to repay a loan at Citigroup Inc., according to different people with knowledge of the matter. A spokesperson for Citigroup declined to comment on the loans, as did Perelman’s spokeswoman.
Perelman, 77, who owns Revlon Inc., has recently been liquidating other assets, as well, including his stake in Humvee-maker AM General and a flavoring company he owned for decades. He said in July he was looking to rearrange his holdings “due to changes in the world both socially and economically.” In a statement Monday, Perelman said he’s aiming for a “less complicated and leveraged business life.”
Read more: Perelman begins unwinding multibillion-dollar empire with sale
Perelman, long celebrated and feared for engineering some of the most ambitious hostile takeovers of the 1980s and 1990s, has been collecting art for about four decades, amassing a trove of top-quality, investment-grade works with an estimated value of about $3 billion, according to the Bloomberg Billionaires Index. It includes sculptures by Alberto Giacometti and Jeff Koons and paintings by Mark Rothko, Cy Twombly, Andy Warhol and Willem de Kooning, among others.
Last month, his canvases by Joan Miro and Henri Matisse fetched a total of 28.8 million pounds ($37.3 million) at a Sotheby’s auction in London, the low end of their estimated range. He was also the consignor of a Francis Bacon painting, valued at 12 million to 18 million pounds, that was withdrawn at the last minute due to a lack of interest, according to one of the people.
Read more: Perelman’s $28.9 million Miro work beats Rembrandt at Sotheby’s
Perelman has since tasked Sotheby’s with selling more of his art, the people said. Because he owns a number of works by certain artists, the sales have to be staged and spaced out strategically.
Over the years, Perelman has had several in-house curators. One of them, Liz Sterling, is now director of private sales at Sotheby’s in New York.
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The Most Beautiful Art Tour in Alberta kicks off Friday – CTV Toronto
What do you get when you combine some of southern Alberta’s finest artists with the landscape of the foothills in autumn? The Most Beautiful Art Tour in Alberta.
The event happens once a year, offering the art curious the chance to get inside many art studios in the foothills and speak directly to the artists and watch them work.
The Most Beautiful Art Tour in Alberta started at the Firebrand Glass Studio run by Julia Reimer and Tyler Rock. They had clients come to their facility in the fall when the glass furnaces were turned on to see them at work. Many asked if there were other artists in the area to visit. Reimer says she was more than happy to recommend others in the community.
“(It was) just this desire to basically teach people about all the amazing things in this area,” said Reimer. “Not only is the landscape gorgeous but then there’s this incredible art community.”
Mady Theil-Kopstein’s studio has been a stop on the tour for the last three years. She spent the early days of the pandemic trying new things in her art studio because shows were cancelled that she would normally exhibit her art at.
Theil-Kopstein is excited to host visitors.
“People come here, they’re going to be art lovers,” said Theil-Kopstein. “They’re people who appreciate it so they’re making plans to enjoy the scenery with what’s going on out here right now in the fall and also to see what us country bumpkins are doing out here.”
Tarek Nemr is the co-owner of the Bluerock Gallery in Black Diamond. He’s watched the art tour grow.
“Every year it’s building up and it is a big deal for us because that’s what we are really open for,” said Nemr. “To promote Alberta artists – and that’s (exactly) what the tour is doing as well.”
Nemir says there are upwards of 200 artists represented in his gallery, many from Alberta. Nemr is showcasing 18 different ceramic artists’ work in an open-themed exhibit.
“During this pandemic so many of them stayed in their studio and they are creating,” said Nemir. “We just wanted to unleash that creativity, just show us what you have.”
Learn more about the tour here:www.themostbeautifularttourinalberta.com
Sandro Botticelli painting could auction for more than $80M, despite pandemic – CBC.ca
An enigmatic painting from Renaissance master Sandro Botticelli will go on auction next year and art watchers will be seeing if it fetches more than its eye-watering $80 million US estimate, despite the pandemic.
Botticelli’s 15th-century portrait of a nobleman in Young Man Holding a Roundel is the highlight of Sotheby’s Masters Week sale series in New York in January.
“Just the sheer beauty of this has been a joy,” said Christopher Apostle, who has for more than three decades handled the Old Master Drawings sale and is now head of the division. “I can’t think of a Botticelli like this that’s been on the open international market.”
Opportunities to acquire a Botticelli — the artist behind such masterpieces as Primavera and The Birth of Venus — are very rare.
“The fact that there are 12 known portraits by Botticelli puts it in an elite type of situation,” said Apostle. “These are the most personal things he produced, in a way. It’s just something he’s doing with one individual.”
The auction house believes it could get over $100 million. The last painting to achieve that level at auction was Claude Monet’s Meules at Sotheby’s New York in 2019, going for $110 million.
Painting last acquired in 1982
If it reaches those dizzying heights, it would represent a windfall for the present owner. The painting was last acquired at auction in 1982 for the equivalent of just over $1 million today.
Apostle doesn’t believe the global pandemic will depress interest in the work. “We’ve seen even during this time period that people are hungry for art, hungry for masterpieces, always.”
The painting — believed to have been executed in the late 1470s or early 1480s — actually represents two art works. Botticelli painted the noble sitter but the roundel — a circular disc used as a symbol — depicts a saint, and is an original 14th-century work attributed to the Sienese painter Bartolomeo Bulgarini.
Who the young man depicted has been lost to history as well as why he holds the roundel. Some scholars believe he is associated with the ruling House of Medici or another powerful family in Florence.
Apostle says some things can be inferred: The young man’s hair is long and fashionable for the time. His tunic is buttoned up and restrained, dressed in a republican way.
“There’s a rectitude to this picture and a lack of arrogance while still being very confident, that I think exemplifies that attitude that these republicans in Florence felt about themselves,” he said. “Also, by presenting this medallion, he’s just making sure we’re aware he’s a cultivated person.”
In the past 50 years, the painting has spent extended periods on loan at the National Gallery in London, the Metropolitan Museum of Art in New York and the National Gallery of Art in Washington, D.C.
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