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British Airways selling off art collection

 

While airlines all over the world are shedding excess planes and routes and lining up for subsidies and loans, British Airways is tapping a unique asset: It has a multi-million investment in mostly-British artworks hanging in its headquarters and its network of thirty airport lounges. Now, under cash pressure, it's selling off at least some of the art. 

The airline is in tough negotiations with its unions over its plan to shed 12,000 employees, at least for now, and has been hoping for additional relief from the UK government, but at this point, that seems not enough. Hence the art sale.

The collection includes works by well-known artists including Damien Hirst, Bridget Riley and Peter Doig; one of the airline's Riley paintings alone is said to be worth over £1 million. Ten items are said to be on sale, but with no announcement as to which. Pictured above, a silk tapestry by Gary Hume, hangs at Heathrow Terminal 5.

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