New York billionaire, Ronald Perelman is liquidating a portion of his art collection according to Bloomberg amidst reported plans to restructure his investment portfolio.

Two paintings from Perelman’s modern holdings, by Joan Miro and Henri Matisse will be offered in Sotheby’s upcoming multi-category London evening sale Rembrandt to Richter on July 28^th. Together, the paintings are estimated with a high pre-sale value of up to £42 million ($53.3 million).

CEO of holding company, MacAndrews & Forbes, Perelman, who according to Bloomberg is selling the works anonymously, as noted in the work’s cataloguing acquired the works from Zurich dealer, Thomas Ammann in 1988-89. The late dealer had a high-profile roster of buyers, including David Geffen, Gianni Agnelli, Stavros Niarchos, and Ronald Lauder.

The 77-year-old Chairman amassed his wealth through various channels in the cosmetics, manufacturing and pharmaceutical industries. His art collection includes modern and contemporary works by artists like Richard Serra and Cy Twombly. Perelman—whose net worth is estimated at $17.4 billion— is known for his active trading of artworks as investments.

A recent filing with the Securities and Exchange Commission by his firm, MacAndrews & Forbes Holdings and a statement from representative, Josh Vlasto to Bloomberg revealed Perelman may be adjusting his portfolio due to changes in the economic climate amid the global pandemic.

Sotheby’s touts the lure of the two lots being unseen for several decades. Carrying the highest estimate of the auction’s offerings, Miro’s blue-backed 1927 Peinture (Femme au Chapeau Rouge) from his famed “dream series” is being sold at a low pre-sale value of £20 million. According to Sotheby’s cataloguing of the work, it was previously in the collection of Alexander Calder, who acquired the work in 1966 and was last exhibited publicly in 1984. The Miro is listed in the artist’s catalogue raisonné as belonging to the Revlon collection.

A 1942 Matisse painting valued at an estimate of £8 million to 12 million is the second work hailing from Perelman’s collection. The portrait’s subject is said to be Italian noble, Carla Avogadro, and was acquired from Ammann in 1989.