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Airline To Sell-off Its Art Gems  
User currently offlineOa260 From Ireland, joined Nov 2006, 27232 posts, RR: 60
Posted (5 years 12 months 6 hours ago) and read 2956 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.

The collection includes works by some of the 20th century's most bankable artists, including Salvador Dali, Giorgio De Chirico and Giacomo Balla.
http://www.independent.ie/world-news...-selloff-its-art-gems-1556123.html


Its a shame it has come to this .

14 replies: All unread, jump to last
 
User currently offlineTOLtommy From United States of America, joined Dec 2003, 3304 posts, RR: 5
Reply 1, posted (5 years 12 months 6 hours ago) and read 2943 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?

User currently offlineDavescj From United States of America, joined Jun 2007, 2307 posts, RR: 0
Reply 2, posted (5 years 12 months 6 hours ago) and read 2943 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!

Dave



Can I have a mojito on this flight?
User currently offlineQ120 From Canada, joined Aug 2008, 280 posts, RR: 0
Reply 3, posted (5 years 11 months 4 weeks 1 day 23 hours ago) and read 2654 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
User currently offlineBestWestern From Hong Kong, joined Sep 2000, 7264 posts, RR: 57
Reply 4, posted (5 years 11 months 4 weeks 1 day 23 hours ago) and read 2630 times:



Quoting Oa260 (Thread starter):
Its a shame it has come to this .

Typical Alitalia - they decide to sell art in a recession...



The world is really getting smaller these days
User currently offlineBlueShamu330s From UK - England, joined Sep 2001, 3036 posts, RR: 23
Reply 5, posted (5 years 11 months 4 weeks 1 day 22 hours ago) and read 2577 times:



Quoting BestWestern (Reply 4):
Typical Alitalia - they decide to sell art in a recession...

LOL  checkmark 

"Ok, that's 12 tonnes of fuel loaded."

"Bravo. Airline credit card...?"

"Sorry, declined."

"Oh, ok, cash...or we've got a beautiful Dali in the rear hold...."

 Big grin



So I drive a 4x4. So what?! Tax the a$$ off me for it...oh, you already have... :-(
User currently offlineBennett123 From United Kingdom, joined Aug 2004, 7746 posts, RR: 3
Reply 6, posted (5 years 11 months 4 weeks 1 day 12 hours ago) and read 2344 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.


User currently offlinePe@rson From United Kingdom, joined Jan 2001, 19243 posts, RR: 52
Reply 7, posted (5 years 11 months 4 weeks 1 day 11 hours ago) and read 2287 times:



Quoting Oa260 (Thread starter):
Its a shame it has come to this .

No it's not. It's funny. Why the hell did the airline need art? Load of nonsense. Just illustrates the absurdity of its leadership.



"Everyone writing for the Telegraph knows that the way to grab eyeballs is with Ryanair and/or sex."
User currently offlineDavescj From United States of America, joined Jun 2007, 2307 posts, RR: 0
Reply 8, posted (5 years 11 months 4 weeks 1 day 10 hours ago) and read 2233 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.

Dave



Can I have a mojito on this flight?
User currently offlineCumulus From United Kingdom, joined Aug 2006, 1402 posts, RR: 1
Reply 9, posted (5 years 11 months 4 weeks 1 day 10 hours ago) and read 2219 times:



Quoting Pe@rson (Reply 7):
Why the hell did the airline need art?

Personally, I like nothing better than being sat in Business staring at a Rembrandt - stuff the IFE!



What Goes Up Must Come Down, Hopefully In One Piece!
User currently offlineSOBHI51 From Saudi Arabia, joined Jun 2003, 3515 posts, RR: 17
Reply 10, posted (5 years 11 months 4 weeks 1 day 9 hours ago) and read 2173 times:
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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  twocents 


I am against any terrorist acts committed under the name of Islam
User currently offlinePe@rson From United Kingdom, joined Jan 2001, 19243 posts, RR: 52
Reply 11, posted (5 years 11 months 4 weeks 1 day 9 hours ago) and read 2149 times:

An airline buying art or diversifying into other industries, such as owning hotels, simply takes their eyes off their primary business.


"Everyone writing for the Telegraph knows that the way to grab eyeballs is with Ryanair and/or sex."
User currently offlineDavescj From United States of America, joined Jun 2007, 2307 posts, RR: 0
Reply 12, posted (5 years 11 months 4 weeks 1 day 8 hours ago) and read 2130 times:



Quoting Pe@rson (Reply 11):
such as owning hotels

Thank you Pan Am! I agree....keep the eye on the wing....(since ball wouldn't work)....If you have extra cash, bank it...you'll need it.

Dave



Can I have a mojito on this flight?
User currently offlineOA260 From Ireland, joined Nov 2006, 27232 posts, RR: 60
Reply 13, posted (5 years 11 months 4 weeks 1 day 8 hours ago) and read 2107 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 .


User currently offlinePe@rson From United Kingdom, joined Jan 2001, 19243 posts, RR: 52
Reply 14, posted (5 years 11 months 4 weeks 1 day 8 hours ago) and read 2107 times:



Quoting Davescj (Reply 12):
If you have extra cash, bank it...you'll need it.

Precisely.



"Everyone writing for the Telegraph knows that the way to grab eyeballs is with Ryanair and/or sex."
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