Specie market on hook for Perelman losses; report

The fine art and specie market could be hit with a claim in the region of between $50m and $100m after a fire at the end of September at the East Hamptons home of billionaire investor and art collector Ron Perelman, according to Inside Fac.

At the time the fire was reported as confined to the third floor and attic of the East Hampton estate of billionaire Ron Perelman, and to have been extinguished within a few hours.

Page Six reported at the beginning of October that most of Ronald Perelman’s multimillion-dollar art collection was undamaged in the fire, with paintings and sculptures on the lower floors suffering only minor smoke and water damage. Firefighters were observed by at least one witness bringing out artworks that looked undamaged.

Perelman’s spokesman has said that the investigation was ongoing.