A striking bronze sculpture by Henry Moore, officially entitled Draped Seated Woman, but known affectionately as "Old Flo" by Londoners who live near the public artwork, may be auctioned off to raise funds.

The cash strapped London borough of Tower Hamlets - one of the most deprived areas in Britain - plans to sell the statue, estimated to be worth as much as £20m ($30.2m).

Residents are divided as to whether the public artwork ought to be sold by the local council

The proposal embodies a dilemma faced by many increasingly hard up households: do you sell the family silver in order to get through tough times?

With art and assets that have been in a family for generations, there often exists a sense of guardianship rather than ownership; of care taker rather than asset broker.

However, the potentially propitious sale of "Old Flo" only goes to show how a diverse portfolio can shield people from even the harshest economic weather.

For more on the investment potential of the art market, see Paul Fraser Collectibles' free guide to investing in art and photography.

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