MELBOURNE, AUSTRALIA.- Foster’s has decided to sell most of its art collection in May. It is valued at between $9.2 million and $13.3 million. Among the artists in this collection are Arthur Streeton, Frederick McCubbin, John Glover, Sidney Nolan, Arthur Boyd and Albert Tucker. According to a Foster's spokeswoman the company had decided to sell the collection because it wasn't a strategic asset for a global premium-beverages company. "It's a significant investment and it's basically something that is not core to our franchise," she said.

The auction of 80-odd works will be held in Melbourne on May 23 by Sotheby's. Norman Giles acquired most of Foster’s art collection between 1965 and 1975.

Mark Fraser, managing director of Sotheby's Australia, said, "Companies are increasingly looking to boost shareholder value, and corporate art collections aren't seen as integral to that, both in Australia and internationally."