British Airways to sell art collection amid coronavirus cash squeeze
Struggling British Airways (BA) is flogging 17 pieces from its art collection at auction house Sotheby’s, as the cash-strapped carrier continues to battle the coronavirus pandemic.
In total, the combined pieces could be worth up to £1.4m, according to estimates, with the most expensive, Bridget Riley’s Cool Edge, slated to sell for £1.2m.
The sale, which will be held over two auctions, also contains pieces by Damien Hirst and George Shaw.
The decision to get rid of its art collection, which was first reported by the Evening Standard, shows just how damaging the coronavirus crisis has been to BA’s financial situation.
As a result of the pandemic, the UK’s flag carrier was forced to ground the vast majority of its aircraft for a period of several months due to the combination of flatlining passenger demand and widespread travel bans.
It is currently in consultation with pilots unions over a programme of 12,000 job cuts, and has come under heavy criticism for its use of controversial “fire and rehire” tactics.
Willie Walsh, chief executive of BA owner IAG, has defended the airline’s actions, saying that it has behaved within the law in its approach.
However, MPs have now called for the carrier to be stripped of valuable landing slots at Heathrow and other airports over the situation.
BA is not the only firm to consider parting with cultural assets in order to raise equity amid the pandemic.
In May it was reported that supercar maker McLaren was mulling selling its classic car collection, which has an estimated value of £250m, due to financial pressure.
Commenting on the sale, Carolina Martinoli, BA’s director of brand and customer experience, said:
“During this unprecedented time we have made the decision to work with Sotheby’s, one of the world’s leading and most trusted auction houses, to sell a number of pieces by artists including Bridget Riley and Damien Hirst.
“We look forward to them finding new homes with this sale.”