Jeff Koons’ ‘Rabbit’ Hits New Auction Record; fetches record $91 million at auction

A glossy stainless steel statue formed by Jeff Koons in the year 1986, which got inspired by a kid’s helium balloon toy, sold at Christie’s on May 15 for more than $91.1 million at Christie's Auction House — the most for work by a living artist at auction.

This hits the record at public sale for the artistic work by a living artist, set during last November by David Hockney.

Robert E. Mnuchin has made the captivating offer for Mr. Koons’s 1986 “Rabbit” from an aisle seat near the front of the salesroom.

"The work is considered the holy grail of Koons works among certain collecting circles, and the bunny's allure was burnished by the fact that Newhouse was its longtime owner," Artnet wrote. "It also received an extraordinary pre-sale display at Christie's with a custom-built room that perched the rabbit on a pedestal surrounded by lighting mimicking a James Turrell installation."

Robert, an art trader and the father of Treasury Secretary Steven Mnuchin, was sitting close to Peter Brant, the collector and private repository possessor, and Jeffrey Deitch, the trader.

It was the ultimate honor amongst six works presented at Christie’s from the compilation of the magazine publisher S.I. Newhouse Jr., who expired during the year 2017.

Estimated to lift up around $50 million, this figure, made in a version of three and one artist’s evidence, was the final instance left in confidential hands.

The cost, exceeding the $90.2 million with charges attained, again at Christie’s, for Mr. Hockney’s 1972 work of art, “Portrait of an Artist (Pool With Two Figures),” verified how Mr. Koons’s metal statues have turned out to be the definitive billionaire trophies formed in the modern art boom of 80s and ’90s.

The Hockney milestone came at the expense of Mr. Koons, the previous record-holder, whose “Balloon Dog (Orange)” sold at auction for $58.4 million in November 2013.

Critics revealed that the “Rabbit” figure stylishly and mysteriously makes a more or less disguised reference to earlier pieces by such creative persons like Constantin Brancusi, Marcel Duchamp and Andy Warhol.

Mr. Deitch stated, “I always thought it would be in the pantheon. It was instantly embraced by artists and cultural critics, and it’s kept its resonance for all these years.”

by Mamatha Reddy | Fri, May 17 - 12:30 PM

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