Beverly Hills 12/11/2009 12:43:42 AM
News / Business

Alitalia Auctions 182 Paintings to Pay Creditors

Finance World News Update by EQUITIES Magazine

In an auction that raised euro1.2 million ($1.77 million), troubled airline Alitalia sold 182 paintings and drawings by contemporary Italian artists. The pieces, which were originally displayed on aircraft “to let the world know about Italian art”, explained Georgia Bava of the Finarte auction house, were most recently in storage.

 

The paintings were among the airlines assets taken over by a bankruptcy administrator, who has been selling them off to meet payments to some of the airlines creditors. Last January, a “new” Alitalia was formed be a group of Italian investors who merged it with the smaller Air One.

 

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