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

Artwork from the British Airways Collection being auctioned by Sotheby's.George Shaw/The British Airways Collection/Sotheby's

• 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.

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.