Cash crunch forces British Airways to sell its famous lounge art collection
British Airways, like airlines around the world, is facing an unprecedented financial challenge.
Back in April, the cash-strapped airline announced it would lay off 12,000 employees — over a quarter of its workforce.
For more TPG news delivered each morning to your inbox, sign up for our daily newsletter.
Now, the airline is quietly selling one of its most valuable assets: its art collection. The collection features work by famous artists such as Damien Hirst and Peter Doig, and one of the works up for sale has been valued at more than 1 million pounds sterling (approximately $1.2 million), as first reported by The Evening Standard.
Many of the works have been mainstays in the airline's lounges for over 30 years, and at least 10 major artworks are reportedly up for sale. British Airways declined to comment, although the idea of the sale is said to have originated with staff members who suggested having the artwork valued.
A painting by Bridget Riley, currently on display at the Heathrow Executive Lounge, is among those for sale — but you'll have to pay up. As the Evening Standard noted, this artwork will cost you "well into seven figures." It was not immediately clear how interested buyers can bid on or purchase the art (we somehow doubt your Avios will be accepted in exchange for priceless works of art), or who will be eligible to purchase the pieces.
No matter how you look at it, the plan is a creative way to save jobs and keep the airline afloat as it weathers the economic fallout from the pandemic. The airline is not planning to ask the U.K. government for a bailout, according to a note circulated by CEO Alex Cruz in April.
Related: Here's why you should care about British Airways Avios
"We are taking every possible action to conserve cash, which will help us to weather the storm in the short-term," Cruz wrote in the letter to employees. "We are working closely with partners and suppliers to discuss repayment terms; we are renegotiating contracts where possible; and we are considering all the options for our current and future aircraft fleet. All of these actions alone are not enough."
The letter from Cruz to British Airways employees followed the release of IAG's preliminary first-quarter results. In it, the company detailed that total revenue dropped by 13% to $5.7 billion, compared to $6.6 billion the year prior — so it's pretty clear how dire the situation is. International Airlines Group (IAG) is the airline's parent company.
British Airways has over 30 departure lounges all over the world. In fact, some of its lounges — at London Heathrow (LHR) as well as New York-Kennedy (JFK) — feature spas where some guests can receive a 15-minute complimentary service, although they are temporarily closed until further notice.
TPG featured card
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 3X | Earn 3X Miles on Delta purchases. |
| 1X | Earn 1X Miles on all other eligible purchases. |
Pros
- Delta SkyClub access when flying Delta
- Annual companion ticket for travel on Delta (upon renewal)
- Ability to earn MQDs through spending
- Various statement credits for eligible purchases
Cons
- Steep annual fee of $650
- Other Delta cobranded cards offer superior earning categories
- Earn 100,000 Bonus Miles after you spend $6,000 or more in purchases with your new Card within the first 6 months of Card Membership and an additional 25,000 bonus miles after you make an additional $3,000 in purchases on the Card within your first 6 months, starting from the date that your account is opened. Offer Ends 04/01/2026.
- Delta SkyMiles® Reserve American Express Card Members receive 15 Visits per Medallion® Year to the Delta Sky Club® when flying Delta and can unlock an unlimited number of Visits after spending $75,000 in purchases on your Card in a calendar year. Plus, you’ll receive four One-Time Guest Passes each Medallion Year so you can share the experience with family and friends when traveling Delta together.
- Enjoy complimentary access to The Centurion® Lounge in the U.S. and select international locations (as set forth on the Centurion Lounge Website), Sidecar by The Centurion® Lounge in the U.S. (see the Centurion Lounge Website for more information on Sidecar by The Centurion® Lounge availability), and Escape Lounges when flying on a Delta flight booked with the Delta SkyMiles® Reserve American Express Card. § To access Sidecar by The Centurion® Lounge, Card Members must arrive within 90 minutes of their departing flight (including layovers). To access The Centurion® Lounge, Card Members must arrive within 3 hours of their departing flight. Effective July 8, 2026, during a layover, Card Members must arrive within 5 hours of the connecting flight.
- Receive $2,500 Medallion® Qualification Dollars with MQD Headstart each Medallion Qualification Year and earn $1 MQD for each $10 in purchases on your Delta SkyMiles® Reserve American Express Card with MQD Boost to get closer to Status next Medallion Year.
- Enjoy a Companion Certificate on a Delta First, Delta Comfort, or Delta Main round-trip flight to select destinations each year after renewal of your Card. The Companion Certificate requires payment of government-imposed taxes and fees of between $22 and $250 (for itineraries with up to four flight segments). Baggage charges and other restrictions apply. Delta Basic experiences are not eligible for this benefit.
- $240 Resy Credit: When you use your Delta SkyMiles® Reserve American Express Card for eligible purchases with U.S. Resy restaurants, you can earn up to $20 each month in statement credits. Enrollment required.
- $120 Rideshare Credit: Earn up to $10 back in statement credits each month after you use your Delta SkyMiles® Reserve American Express Card to pay for U.S. rideshare purchases with select providers. Enrollment required.
- Delta SkyMiles® Reserve American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- With your Delta SkyMiles® Reserve American Express Card, receive upgrade priority over others with the same Medallion tier, product and fare experience purchased, and Million Miler milestone when you fly with Delta.
- Earn 3X Miles on Delta purchases and earn 1X Miles on all other eligible purchases.
- No Foreign Transaction Fees. Enjoy international travel without additional fees on purchases made abroad.
- $650 Annual Fee.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
- See Rates & Fees