UK's Royal Opera House plans to sell painting of ex-boss for funds amid COVID-19 crisis

Royal Opera House of United Kingdom plans to sell painting of its former chief David Webster in order to raise funds over COVID-19 induced financial crisis that has hit company hard in past several months. According to Observer newspaper, painting by David Hockney will be auctioned on October 22 by Christie's auction house and is expected to fetch iconic opera company somewhere between £11 million and £18 million. 

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COVID-19 lockdown & reopening

Royal Opera House shut down its doors in March this year after British government imposed a lockdown across country to prevent spre of COVID-19. opera house reopened in June without live audiences. It started live-streaming shows for audiences from all over world but only after cutting costs to bear financial losses incurred during lockdown. With auction of painting of its former chief, Royal Opera House aims to return to rmalcy again. 

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opera house is also running a donation campaign on its website as part of its recovery plan. company has lost more than half its income in past few months and describes it as "biggest crisis" it has faced since its inception in 1946. "We have lost £3 in every £5 of our income, and any Government loan will take us only part of way. We need your help to bring artists back to our sts," company said on its website. 

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David Webster was chief executive of Royal Opera House from 1945 to 1970, who me Royal Opera world-famous. While David Webster is an English painter, who is considered one of most influential British artists of 20th century. He greatly contributed to pop art movement in 1960s. In 2018, Hockney's 1972 artwork sold at Christie's auction fetched more than $90 million making it most expensive artwork by a living artist until 2019 when Jeff Koons reclaimed title from him. 

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