British Airways puts its art collection up for auction in response to the crisis
The British airline is putting 17 works of art up for sale in two auctions at Sotheby’s to recover some cash.
Bridget Riley’s painting, “Cool Edge”, on sale at Sotheby’s, is estimated at between 800,000 and 1.2 million pounds.it is not its sale on sale that should be noticed but rather its owner: it is the airline company British Airways.badly affected by the health crisis, it separates from 17 works of art in all to recover some cash.Riley’s painting, painted in 1982, is the most valuable work: it was previously exhibited in a luxury lounge in the heart of London’s Heathrow Airport, and the airline hopes to raise a total of around $1 million with its paintings and prints according to Bloomberg.
The struggling British Airways is facing the loss of 12,000 jobs, for which it has been severely criticised by some British MPs and trade unions, representing around 30% of its staff. In addition, the airline industry is facing a loss of $84 billion in 2020, according to the International Air Transport Association (IATA). This auction should enable British Airways to reap some cash in this worrying context.
Works at less than 15,000 pounds
The auction is not yet open: Riley’s painting will be offered for sale at the Rembrandt in Richter evening on 28 July, while the other works will be sold online, “Modern and Post-war”, on Sotheby’s website between 20 and 30 July. Among the items on offer, prints by Hirst, Marc Quinn and Julian Opie can be worth between $5 and $5.Among the items on offer are prints by Hirst, Marc Quinn and Julian Opie worth between $5,000 and $15,000, as well as Peter Doig’s Grasshopper Portfolio, a series of engravings depicting a grasshopper’s perspective of the ground, and paintings by Terry Frost and Patrick Heron. In all, the total bidding could reach $1.4 million (more than $1.5 million).