In October 2020, the BBC reported that the Royal Opera House has lost 60% of its income as a result of restrictions implemented in response to the COVID-19 pandemic. As a consequence, the 1971 ""Portrait of Sir David Webster"" by David Hockney, which had hung in the opera house for several decades, was put up for auction at Christy's. It eventually sold for £12.8 million. The funds raised from the sale were needed to ensure the survival of the institution. "Significant redundancies" and an appeal for public donations have also been made. In addition, the opera house has applied for a loan to the Culture Recovery Fund.