BA to auction art collection to raise much-needed funds

BA is to put some of its renowned art collection up for sale in an attempt to raise cash as it prepares to lay off thousands of staff. The airline has called in art valuers and is planning to auction off at least 10 major pieces, some valued at more than GBP1m. BA’s art collection includes works by British artists including Damien Hirst, Peter Doig, Anish Kapoor, Chris Ofili and Tracey Emin. Some have been displayed at the firm’s Waterside headquarters near Heathrow, but many of the 1,500 artworks in the collection have been on the walls of its executive lounges. However, with some analysts believing that the lucrative business travel market may never return to pre-crisis levels, lounges are likely to have more austere decor in future. Sotheby’s has valued a number of works held by BA for a potential imminent sale, with one piece by Bridget Riley – described by some as a masterpiece – likely to leave BA’s Heathrow executive lounge and raise millions for the embattled airline. British Airways did not comment on the art selloff, but a source said the airline was not ruling anything out to save money and jobs, and the idea is believed to have been taken up by management after asking staff where to find savings.<br/>