The pandemic has accelerated the trend of corporates selling their artworks to raise funds. Patrick McCrae argues that this creates an opportunity for more culturally relevant artists to be included in future collections.
'In 2020 British Airways made headlines following its decision to sell off some of the oldest and most valuable parts of its art collection. Struggling with mass redundancies, data breaches and a stream of cancellations, the company began purging artworks in a bid to offset its pandemic losses. Over the past few months, other major corporations have followed suit.
London’s Royal Opera House recently sold a prized David Hockney at auction for £12m and UK travel agent Thomas Cook likewise parted with a 3,000-year-old Egyptian statue, held in its archives since the end of the 19th century. Meanwhile, the Royal Academy is facing criticism for its retention of a Michelangelo during a period of mass staff redundancies... Keep reading on [World Finance]'
'In 2020 British Airways made headlines following its decision to sell off some of the oldest and most valuable parts of its art collection. Struggling with mass redundancies, data breaches and a stream of cancellations, the company began purging artworks in a bid to offset its pandemic losses. Over the past few months, other major corporations have followed suit.
London’s Royal Opera House recently sold a prized David Hockney at auction for £12m and UK travel agent Thomas Cook likewise parted with a 3,000-year-old Egyptian statue, held in its archives since the end of the 19th century. Meanwhile, the Royal Academy is facing criticism for its retention of a Michelangelo during a period of mass staff redundancies... Keep reading on [World Finance]'