British Airways to market art assortment to raise cash

British Airways to sell art collection to raise cash

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AFP

British Airways is selling some of its multi-million-pound art assortment to elevate funds to enable it as a result of the coronavirus pandemic.

The selection involves artwork by Damien Hirst, Bridget Riley and Peter Doig, with 1 operate thought to have been valued at a lot more than £1m.

It is comprehended at least 10 pieces have been identified for sale, even though exactly which types is unclear.

BA has viewed a collapse in air travel and is set to reduce hundreds of positions.

Final week, BA boss Alex Cruz warned that the income-strapped airline’s survival was at stake unless there was a drastic restructuring of the enterprise.

London’s Evening Conventional newspaper, which very first described news of the artwork provide-off, reported auction household Sotheby’s experienced been introduced in to arrange sales as before long as attainable.

Other functions in BA’s assortment are items by Tracey Emin, Anish Kapoor and Chris Ofili. The airline would not remark on the sale, nor recognize which functions would go underneath the hammer.

However, the most beneficial piece is believed to be by Bridget Riley and well worth, according to a single source, “at minimum 7 figures”. It has been in BA’s possession for extra than 30 a long time, with the price expanding substantially due to the fact invest in.

Like most airlines, BA’s funds have been hit by the grounding of plane thanks to the virus lockdown. The airline proposes to make 12,000 staff members redundant, with a lot more than 1,000 pilot roles at possibility.

BA mentioned it was performing now to secure as many careers achievable and insisted no final determination experienced been produced on the range of careers to go.

Ideas for career cuts have sparked a bitter row with unions, and BA has been accused by some MPs of working with the pandemic as an justification to restructure the airline.

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Cory Weinberg

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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