Perelman Sold Art by Picasso, Basquiat to Repay Banks $1 Billion

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.

Ronald Perelman

Photographer: Chris Goodney/Bloomberg

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.

Perelman — once touted as America’s richest man — was known to be selling art in recent years, but the filing from a long-running insurance court case is the first time the list of all 71 ...