Photoluminescence, photoconductivity and resonant Raman measurements are performed to investigate the influence of high intensity illumination on the properties of Fullerenes. A highly nonlinear dependence of the luminescence emission efficiency and lifetime is observed on increasing the intensity. This nonlinear increase is associated with a dramatic shift to the red of the emission maximum. The photoconductive response of the fullerenes is also seen to increase nonlinearly with input intensity. Temperature dependent measurements indicate that the nonlinear processes are associated with an insulator-metal phase transition in the material. The transition is reversible and the observed photophysical changes coincide with a reversible shifting of the characteristic fullerene Raman lines to lower energies.