Let the distress sales begin: cash-strapped British Airways to sell some of its art collection

With planned grounded globally due to the pandemic, British Airways' revenue has been decimated Courtesy of British Airways

In one of the first distress sales to hit the art market due to the coronavirus crisis, British Airways is selling off at least ten works from its art collection in an effort to save jobs as its revenue continues to be decimated by the pandemic.

The embattled airline has a collection of contemporary art by largely British artists and, according to the Evening Standard, has called in Sothebys to value and help sell a selection of the works. The collection includes work by Damien Hirst, Peter Doig and Bridget Riley, which normally hang in its airport lounges, and one has been valued at more than £1m. It is not yet known exactly when or via what format the works will be sold.

When asked about the proposed art sales, which was suggested by staff, one BA source told the Evening Standard: “We are in a very dark place. We are doing things we have never done before. When the ship is going down we cant hold on to all these things.”

With many planes grounded due to continuing travel restrictions globally, at the end of April BA announced controversial plans to cRead More – Source