British Airways sells art collection to raise cash

British Airways is selling at least 10 works from its corporate art collection, including pieces by Damien Hirst, Bridget Riley, Peter Doig, Tracey Emin, Anish Kapoor, and Chris Ofili. One work, by Bridget Riley, is estimated at over £1 million. The sale, handled by Sotheby's, aims to generate liquidity as the airline faces a severe financial crisis due to the pandemic, with 12,000 jobs at risk and parent company IAG reporting a net loss of €1.68 billion in three months. CEO Alex Cruz stated the airline's survival depends on drastic restructuring. Over ten years, British Airways acquired 1,500 artworks curated by Artwise, displayed in offices and airport lounges. Artwise founders Susie Allen and Laura Culpan expressed sadness but acknowledged the unprecedented times. The collection was the first of its kind in the airline industry.