THE WHAT? Revlon owner Ronald Perelman has sold a series of artworks worth some US$350 million in total, according to a report published by The Value.
THE DETAILS The Value claims that the cosmetics mogul has been forced to liquify some of his assets in order to release cash to keep his business afloat amid the pandemic. What’s more, he’s set to auction off a sculpture by Alberto Giacometti via Sotheby’s with a minimum starting bid of US$90 million.
THE WHY? Revlon has struggled for some time as US mass make-up sales slumped in the wake of the VSCO-girl trend, and COVID-19 certainly hasn’t helped. Perelman’s wealth has shrunk from US$19 billion to US$4.2 billion in the last 24 months and his investment company, MacAndrews & Forbes is said to be heavily in debt.