Expert Opinion: Conflicting Testimonies In Billionaire’s Lawsuit Over Fire-Damaged Artwork

Late on the night of September 28, 2018, a fire broke out at billionaire financier Ronald Perelman’s East Hampton estate, known as the Creeks. Multiple firefighting teams from neighboring towns raced in to assist and, after approximately two hours, finally extinguished the blaze.

Roughly a month later, the New York Post reported that most of Perelman’s multimillion-dollar art collection was unharmed, and, since the fire had been contained to the third floor, paintings and sculptures on the lower floors were ‘salvaged with minor smoke and water damage.’ More than four years later, however, that narrative is up for debate in court.

Holding companies affiliated with Perelman are locked in a bitter, high-stakes battle with a consortium of insurers over a group of five blue-chip paintings that they claim were damaged during the fire.

Three limited liability companies collectively titled AGP Holdings are the official plaintiffs in the lawsuit, which has been winding its way through New York State court since mid-2020, but has not been reported publicly until now.

AGP claims it is owed a whopping $410 million for five allegedly damaged works: two by Ed Ruscha, two by Andy Warhol, and one by Cy Twombly.