British Airways is auctioning millions of dollars worth of lounge art in a hasty attempt to raise cash – see the extravagant collection

• Artwork from British Airways is on the auction block at Sotheby’s as the airline attempts to weather the industry downturn by turning to any and all means to raise funds.
• Pieces from British artists like Bridget Riley and George Shaw hang in British Airways lounges across its network and in its headquarters near Heathrow Airport.
• Nearly all pieces sold so far sold for higher than their estimated values with one selling for around $2.5 million.
• Visit Business Insider’s homepage for more stories.

On the auction block this month at Sotheby’s in London is artwork from a high-profile, well-traveled, and frequent jet setter client, British Airways.

Britain’s flag carrier is turning to the international auction house to raise cash by selling its most famous artwork featured in premium lounges and its headquarters, with some pieces boasting an estimated value of over $1 million.

The top value for the British Airways Collection was initially estimated at $1.7 million, according to the combined highest values of each piece as announced by Sotheby’s in a press release emailed to Business Insider, but auction results show the airline will be walking away with a lot more than that.

The sale comes following an employee recommendation on how to help stop the bleeding at the airline as its most profitable routes have been forcibly cut due to the coronavirus pandemic.

In April, the airline's parent company announced plans to cut 12,000 jobs from its flagship airline as it predicts a slow recovery in its core business model of connecting the world through European hubs.

Take a look at the British Airways Collection.

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The artwork is displayed in British Airways' lounges across its international network.

Source: British Airways

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British Airways has over 30 lounges at airports around the world, typically those with high numbers of business travelers.

Source: British Airways

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The Concorde Room is the most exclusive lounge, available only in New York and London for first class passengers and select few other passengers.

Source: British Airways

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The extremely well-appointed Concorde Room spoils passengers with full meals, top-shelf alcohol, and private cabanas.

Source: British Airways

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Some pieces also reside at the British Airways headquarters near Heathrow Airport.

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Hanging in each is British artwork from the likes of Bridget Riley, George Shaw, Damien Hurst, Marc Quinn, Peter Doig, Terry Frost, Patrick Heron, and Julian Opie.

Source: Sotheby's via email

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The flagship of the collection is "Cool Edge" by Bridget Riley, with an estimated value of over $1 million. It sold for just under $2.5 million, converted from the British pound.

Source: Sotheby's

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Also on offer from Riley are these untitled works resembling "elongated triangles."

Source: Sotheby's via email

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Five in total were auctioned with each one having an estimated minimum value of over $5,000.

Source: Sotheby's via email

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The pieces actually pre-date British Airways with Riley creating them in 1971, three years before the UK's flag carrier was founded.

Source: Sotheby's via email

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Each of them sold for well-beyond their estimates.

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The worst performing piece earned around $11,400 while the best performing sold for just over $13,000 after 12 bids.

Source: Sotheby's

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Here's another untitled Riley piece, valued at an estimated minimum of around $6,500 that sold for over triple that amount with a final sale price just short of $18,000.

Source: Sotheby's

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George Shaw and his forest-themed work are also prominently featured, including this piece named "Scenes from the Passion: Ash Wednesday."

Source: Sotheby's via email

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It sold over its estimate for just under $24,500 after nine bids.

Source: Sotheby's

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Another Shaw piece, "Scenes from the Passion: The Path In," was also featured.

Source: Sotheby's

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It fared slightly better than its sibling, selling for over $27,600.

Source: Sotheby's

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Patrick Heron and his colorful piece, "Scarlet and Bordeaux in Cobalt" from 1975, was also among the best performing pieces, selling for nearly double its estimated value.

Source: Sotheby's

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The final sale price for the piece that's almost as old as British Airways was just shy of $42,500 after 17 bids.

Source: Sotheby's

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Another high-performing piece was "Sunglow" by Sir Terry Frost, a more recent creation from 1991. It sold for just under $40,000 after 19 bids.

Source: Sotheby's

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Though the airline is taking away at least $2.5 million from the sale, it likely won't be enough to stop the bleeding entirely.

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Airlines of similar sizes with comparable business models have reported losing $1 million an hour due to the pandemic. If British Airways is losing the same, the auction only buys back less than a quarter of one day.

Read More: Lufthansa will get a $10 billion German bailout as the airline loses $1 million per hour due to the pandemic. Take a look at the history of the iconic European airline.

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Other cost-cutting measures at the airline included the retirement of the Boeing 747, an iconic but aging aircraft that will be replaced by newer jets like the Boeing 787 Dreamliner and Airbus A350-1000 XWB.

Read More: Double-decker planes are going extinct as Airbus and Boeing discontinue their largest models. Here's why airlines are abandoning 4-engine jets.

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To the airline's employees, however, the sale is likely viewed as a good faith effort to show that the airline is willing to take extraordinary measures during this unprecedented downturn for the aviation industry.