- British Airways is considering selling its artwork to raise funds, the Evening Standard reported, as the coronavirus pandemic continues to plague recovery efforts.
- One piece is reportedly valued at over $1.25 million, according to the Evening Standard.
- The UK airline has over 30 lounges in its network, typically found in premium-heavy destinations.
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Desperate times call for desperate measures and with a lack of travelers to fill its planes, British Airways may be turning to its art collection to raise funds, sources told the Evening Standard.
Valuable pieces of art line British Airways lounges around the world and its headquarters near London's Heathrow Airport with one piece, the Evening Standard reported, worth over $1.1 million.
The UK's flag carrier wouldn't officially comment or confirm that its artwork is for sale when asked by Business Insider. Among those artists featured in the airline's collection, however, include Damien Hirst, Bridget Reily, and Peter Doig, according to the Evening Standard.
The pandemic has crippled business at many of British Airways' most profitable destination regions including China and North America, especially the London-New York route which earned the carrier over $1 billion in previous years. As a result, 12,000 jobs at the iconic airline are at risk as executives at British Airways' parent company predict a slow return to normal.
British Airways hasn't revealed how much pandemic has cost on an hourly basis but rival airline Lufthansa was reported by Business Insider Deutschland to be losing around $1 million per hour. The two operate a similar route network, connecting the world through their hubs in the United Kingdom and Germany, the demand for which has since dried up due to the pandemic.
Take a look at some of the airline's signature lounges found at airports around the world.
As a global airline, British Airways has more than 30 airport lounges around the world, typically found at destinations with heavy business or premium traffic.
Source: British Airways
They're the domain of the airline's highest-paying passengers including those seated in first class and business class.
As one of the world's leading premium airlines, the lounges need to be of a high caliber in their offering and appearance, which is where the expensive artwork comes into play.
In 2019, British Airways announced that its customer improvement program, of which lounges played a key role, was costing the airline over $8 billion.
Source: British Airways
At New York's John F. Kennedy Airport, the airline's most important US outstation, a recent lounge renovation cost $65 million. Here's the lounge before it's renovation.
Source: British Airways
The most exclusive lounge in the British Airways network is the Concorde Room.
Source: British Airways
The Concorde Room is only available to first class passengers in London and New York. Passengers here can enjoy a full pre-flight meal as well as luxurious amenities such as private cabanas with room service.
Source: British Airways
In New York, passengers on British Airways' flagship all-business class service to London's City Airport have access to and board the aircraft through the Concorde Room.
With British Airways' parent company expecting a slow return to normal, auction house Sotheby's has reportedly been called to appraise the artwork in a bid to raise cash with their potential sale.
Source: Evening Standard
One piece is reportedly valued at over $1.25 million.
Source: Evening Standard
Though not nearly as valuable as its plane, the artwork can be sold at auction to give British Airways some quick relief.
10 pieces have reportedly been eyed for sale, they hang in lounges and at British Airways' headquarters near Heathrow Airport.
Source: Evening Standard
The idea reportedly came from a British Airways staffer when determining how to bring in well-needed cash.
Source: Evening Standard
An alternative to owning its own art collection, according to the Evening Standard, is to use pieces on loan from museums to stock the lounges.
Source: Evening Standard