(Photo curtesy fineartamerica.com)
British Airways is getting desperate. The airline plans to auction off the art that had previously been on display in its airport lounges in order to raise capital amid the coronavirus crisis.
British Airways has faced immense financial pressure amid the pandemic, with the outbreak forcing flights to be grounded and decimating demand for travel.
As they say, desperate times call for desperate art auctions.
IAG, the airline’s parent company, reported a first-quarter operating loss of $602 million — a huge decrease from its $152 million profit a year earlier.
Fewer liftoffs mean more layoffs. British Airways plans to cut as many as 12,000 jobs to reduce costs as the pandemic continues to decrease earnings. The airline has said it won’t rule anything out as it looks to save both money and jobs…even selling part of its art collection, apparently.
The art auction will include art from Damien Hirst, Peter Doig and Bridget Riley, with one of the pieces valued at more than $1.26 million.
- At least 10 pieces of art from the airline’s collection will be put up for sale.