Equitable to clear out family silver

EQUITABLE Life is aiming to raise up to £2.5m in a clearout of the family silver. The pensions and life insurer whose troubles led it to the brink of collapse four years ago is aiming to raise the money by the sale of its art collection, antiques, memorabilia and archives.

The most single valuable piece is a £1m Gainsborough portrait of an 18th century president of the world's oldest mutual insurer.

A spokesman for Equitable said the sale, through the auctioneers Christies and Rosebery's, had been prompted by its move from its home at Basinghall Street in the City to the Paternoster Square development.

However, that has also prompted the sale of all of Equitable's collection. The Thomas Gainsborough painting of Charles Morgan, president between 1773 and 1806, is on loan to the artist's museum in East Anglia but is likely to be sold by Christies next year.

'In the move to much smaller, more modern offices we found we could not accommodate the memorabilia and, with the risks associated with storage, we have decided to put it up for auction,' said the spokesman.

The proceeds will go into Equitable's with-profits fund, closed to new business but valued at £10bn.

Up to 3000 items are set to come under the hammer. The sale process kicks off with an auction tomorrow at Rosebery's, in south London, of a dozen less auspicious presidential portraits expected to fetch just £100 apiece.