Oa260 From Ireland, joined Nov 2006, 24873 posts, RR: 60 Posted (4 years 5 months 3 weeks 1 day 9 hours ago) and read 2164 times:
By Richard Owen in Rome
Friday November 28 2008
Alitalia, the bankrupt Italian airline, is selling off its multimillion-pound collection of modern art to help to reduce its crippling debts, as it prepares for a relaunch next month under new ownership.
TOLtommy From United States of America, joined Dec 2003, 3219 posts, RR: 4 Reply 1, posted (4 years 5 months 3 weeks 1 day 9 hours ago) and read 2151 times:
Just another sign of how mismanaged AZ truly was. When was the last time the airline made money? Yet they had an art collection?
Davescj From United States of America, joined Jun 2007, 2244 posts, RR: 0 Reply 2, posted (4 years 5 months 3 weeks 1 day 9 hours ago) and read 2151 times:
Quoting Oa260 (Thread starter): Alitalia, the bankrupt Italian airline, is selling off its multimillion-pound collection of modern art to help to reduce its crippling debts, as it prepares for a relaunch next month under new ownership.
I wonder who will organize the buying/selling........Quick, call Soetherby's!
Q120 From Canada, joined Aug 2008, 250 posts, RR: 0 Reply 3, posted (4 years 5 months 3 weeks 1 day 2 hours ago) and read 1862 times:
what a joke...
Were out of money and were the national carrier, but at least we have these really really expensive paintings, which make our bankrupt offices look stunning!
However beautiful the strategy, you should occasionally look at the results
Bennett123 From United Kingdom, joined Aug 2004, 6351 posts, RR: 1 Reply 6, posted (4 years 5 months 3 weeks 15 hours ago) and read 1552 times:
Businesses need to focus on their core activities.
Quite why AZ started it's own art museum is unclear, (however, this is AZ).
IMO, this is the sort of luxury that a profitable company can afford, (but this is AZ).
So they will now compound their past errors by selling in a recession, this is crazy, (but it is AZ).
They would be better to loan the pictures to a REAL art museum. That way, they could offload the ownership costs and sell the pictures at a more suitable time.
Davescj From United States of America, joined Jun 2007, 2244 posts, RR: 0 Reply 8, posted (4 years 5 months 3 weeks 13 hours ago) and read 1441 times:
Quoting Pe@rson (Reply 7): Why the hell did the airline need art?
I wonder which governement(s) approved the purchases (remember AZ was state owned), and whose friend the buying assisted. You can bet it was someone's friends.
I also wonder if AZ won't sell to Italian national musems....since the orginal money was state money, that would make at least some patrimonial sense, even if not good business.
SOBHI51 From Saudi Arabia, joined Jun 2003, 3008 posts, RR: 17 Reply 10, posted (4 years 5 months 3 weeks 12 hours ago) and read 1381 times:
Just my thoughts.In the old days when AZ was making profits and for taxes purpose they went ahead and bought those pieces of art.As an investment i am sure that it was a great idea.Timing for selling them is another thing.Just my
Davescj From United States of America, joined Jun 2007, 2244 posts, RR: 0 Reply 12, posted (4 years 5 months 3 weeks 11 hours ago) and read 1338 times:
OA260 From Ireland, joined Nov 2006, 24873 posts, RR: 60 Reply 13, posted (4 years 5 months 3 weeks 11 hours ago) and read 1315 times:
Quoting Pe@rson (Reply 7): Why the hell did the airline need art?
I guess in the old days it was the thing to do but these days its not a good idea. Lots of airlines had paintings and other non essential things. Aer Lingus sold off theirs some years back IIRC. If AZ had have been on the ball they would have sold it when the market was better as BetWestern stated .
OLYMPIC AIR - ΟΛΥΜΠΙΑΚΗ "Η ΕΛΛΑΔΑ ΨΗΛΑ" "GREECE FLYING HIGH"
Sponsor Message: 
From Ireland, joined Nov 2006, 24873 posts, 
From United States of America, joined Dec 2003, 3219 posts, 
From Canada, joined Aug 2008, 250 posts, 
From UK - England, joined Sep 2001, 2514 posts, 
From United Kingdom, joined Aug 2004, 6351 posts, 
From Saudi Arabia, joined Jun 2003, 3008 posts, 
Printer friendly format 
