Billionaire businessman and art collector William Louis-Dreyfus is selling off thousands of works of modern and “outsider” art in order to donate the proceeds to the Harlem Children’s Zone, an education nonprofit, Barron’s writes.
The Paris-born former chairman of Louis Dreyfus Holding B.V. estimated the value of his trove, amassed over 50 years of collecting, at between $10 million and $50 million. Revenue from the piecemeal sale will go into a pool of capital from which the Harlem charity can draw to support its operations and long-term financial stability.
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