Bankrupt Alitalia to Sell Art Collection
Source:Artinfo Date: 2009-09-18 Size:
Italian airline Alitalia is sending its art collection to the auction block in hopes of raising at least 1 million ($1.5 million).

 

Italian airline Alitalia is sending its art collection to the auction block in hopes of raising at least 1 million ($1.5 million).

The bankruptcy commissioner appointed by the Italian government to oversee the airline's breakup and bankruptcy has chosen Milan-based auction house Finarte Casa d'Aste SpA to sell about 200 works. Alitalia built its collection of Italian modern art between the 1950s and the 1960s, and it contains some 50 major works and 140 items of graphic art, including examples by such artists as Gino Severini, Alberto Burri, and Lucio Fontana. Italy sold Alitalia's main flight business to a group of local investors last December, and the bankruptcy commissioner has been trying to sell unprofitable assets to repay creditors and a 300 million state loan that the European Commission ruled was illegal.

Read more at Bloomberg.

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