British Airways to auction artwork to raise much-needed cash

British Airways looks to sell off its art collection.

British Airways will be auctioning millions of dollars worth of artwork, with pieces that were previously on displayed at British Airways’ Heathrow lounges, to raise much-needed cash.

Valuers from the auction house Sotheby’s have been called in to appraise the collection, which includes works by big names like Bridget Riley, Damien Hirst and Peter Doig.

At least one piece has been valued at more than £1 million.

The decision comes as British Airways parent company IAG recorded a £1.5 billion loss in the first three months of the year.

Álex Cruz, British AIrways’ chief executive, has promised to “take every possible action to conserve cash” as the airline is set to cut thousands of jobs.

He warned that the airline’s survival was at stake unless there was a drastic restructuring of the business.

Many experts predict that the lucrative business travel market may never return to pre-crisis levels, resulting in airport lounges no longer being furnished to high standards.