Royal Opera House to Sell David Hockney Portrait Worth Up to £18m

The Royal Opera House will sell a David Hockney portrait that could be worth up to £18m, The Guardian reports.

The painting of the late Sir David Webster was commissioned for the Covent Garden building in the 1970s. It will be placed up for auction later this month to help raise essential funds for the venue.

"This was a really tough call," said Alex Beard, the ROH's chief executive. "But we have to face the situation we are in and if we can remain viable and get through this, then we can get back to employing people in the future."

The decision to sell the painting is part of a four-point plan to keep the venue afloat amidst the health crisis. Redundancies will be made and a donation drive is also underway.

"We are the biggest arts employer in the country and we knew we had to look at any assets we had," said Beard. "And there is only really one of any note that stands out and that is this portrait."

Read more on The Guardian.