British Airways to Auction Art Valued at Millions as it Struggles Financially | Financial Buzz

British Airways to Auction Art Valued at Millions as it Struggles Financially

British Airways (BA) is organizing an auction to sell art valued at Millions in the hopes that it can rally up cash as the COVID-19 pandemic surges. International Consolidated Airlines Group (LSE: IAG.L), BA’s parent company, cautioned in April that the airline would have to lay off at least 12,000 employees as they strive to recover from the economic blow. Nevertheless, BA explained it has not made any concrete future decisions and strives to protect both its finances and workers. 

According to The Evening Standard, a U.K newspaper, the auction will deliver pieces from Damien Hirst, Peter Doig and Bridget Riley. One of the pieces is set to be sold for over USD1.26 Million. The works of art up for sale were previously exhibited inside British Airways airport lounges. 

Once perceived as the best in its class, the airline is now struggling financially as well as with its government and employee relationships. BA’s management of the overall crisis has been toxic, as described by workers, additionally it has provoked political kickback. 

The art work will be inspected and valued by Sotheby’s auction house according to The Standard. Neither BA nor Sotheby’s opted to comment when asked about the matter.   

IAG reported a loss of EUR535 MIllion during its first quarter, a vast plunge compared to its EUR135 Million profit in the prior year. 

Following the release of the U.K government’s quarantine rules, one of which enforced that travelers self-isolate 14 days before flying, BA along with Ryanair and easyjet initiated a legal challenge against it. According to the airlines, the tactic would cause “devastating” repercussions for the British Tourism industry. 

Amid the pandemic, profit for the airline industry is anticipated to decrease by 50% to USD419 Billion during 2020, as stated by the International Air Transport Association.