The Royal Opera House of London is selling a 1970s painting by David Hockney as it tries to raise cash to get through the COVID-19 situation, the worst crisis in its history.

The auction house said that the Hockney’s portrait of David Webster will be put up for auction on October 22 at Christie’s. Its value is estimated to be between 11 and 18 million pounds ($ 14– $ 23 million).

In a statement, the Royal Opera House Chief Executive Officer Alex Beard said that as they are facing the biggest crisis in their history, the sale of David Hockney’s portrait painting is an important part of the strategy for recovery.

The proceeds will be used to ensure that the world’s greatest artists can once again return to their stages. Along with other cultural sites in Britain and around the world, the Royal Opera House was forced to close in March as the first wave of the COVID-19 outbreak gained momentum and it has been unable to generate revenue since then.

Octogenarian David Hockney, known for his flairs for colours is considered as one of the giants of British art in the 20th and 21st centuries.

Webster, the subject of the painting, ran the Royal Opera House from 1945 to 1970. Katharine Arnold, co-head of the auction house described Webster as a visionary leader who had helped in making the institution world-class.

The Royal Opera house CEO also added that the deal was important for the Opera House’s four-pronged recuperation plan out of this pandemic, which included cost-cutting measures, fund-raising from the crowd, looking for government uphold, and deciding on an incentive from resources. He further said that the plan would allow the opera house to maintain the community of artists through this period, and ensure that the audiences can be treated for decades with exceptional ballet, dance, music, and opera.