British Airways is going to sell at least 10 works of art from its extensive collection, a source mentioned as reported by Reuters, in order to raise millions of pounds for boosting the cash reserves as it grapples through the cor5onavirus or COVID-19 crisis.
The airline has been facing the wrath of the British politicians for the plans of cutting 12,000 jobs. But with the planes grounded and no revenue, it mentions that the job losses are important as the travel demand is going to shrink in the coming years.
British Airways to Sell Artworks
The BA collection includes works by Damien Hirst, Peter Doig and Bridget Riley, and selling off some of the works, which usually hang in executive lounges at airports, was an idea from a BA staff member, a source familiar with the situation said on Thursday. At least one work has been valued at more than 1 million pounds ($1.27 million), the source added.
BA boss Alex Cruz said last week that with its parent company IAG burning through 178 million pounds ($223 million) a week, he could not guarantee BA's survival and urged unions to engage over the job cuts. The airline has said it is taking steps now to reduce up to 28% of staff numbers to protect as many jobs as it can in the long term.
(With agency inputs)