In dramatic fashion, the art world was not disappointed in the anticipated auction of selected works from the collection of the late media mogul and billionaire, S.I. Newhouse, Jr. The Jeff Koons’ stainless steel sculpture, ‘Rabbit’ (1986) sold for a record $91 million dollars (the winning bid of $80 million with the remainder in auction house fees) at Christie’s auction a week ago in New York City at their Rockefeller Center location. The ‘Rabbit’ was one of eleven works showcased as part of the Post-War and Contemporary Art Sale and now holds the world record for a work by a living artist.
Mr. Koon’s work has been a source of controversy among art critics and collectors who either see him as the antitheses to high art or having a profound impact on contemporary art. The ‘Rabbit’ is one of four which he created from purchased street balloon figures (one is housed at the Broad Foundation in Los Angeles, the third was gifted to the Museum of Contemporary Art in Chicago and the fourth is the artist’s proof).
In addition, the artist’s claim to fame with regards to record breaking auction sale comes from his Balloon Dog Series (1994-2000) created from the same mirror-polished stainless steel with transparent color coated in five versions (Blue, Magenta, Orange, Red and Yellow). The Orange version was sold in 2013 for $58.4 million, surpassing and at one point, also held the record for the most expensive work by a living artist sold at auction.