Selling off the china

Today the Guardian reported BA selling off crockery from its first class cabins. The meaning here is clear. However, is there any word play in here?

Does selling one’s china have historical connotations of someone being miserable? In my mind, not born in an English speaking country, it conjures the image of one being totally miserable. Not necessarily whilst in possession of china crookery but ready to sell anything to be able to survive one day more.

Is this the same image that an English speaker would have? perhaps it was a common occurrence in crisis times that china in a household became the last possible valuable item that one could sell and thus as such became an expression? I can find no references whilst googling but I feel so strongly about it that I thought would ask?