A three-foot stainless steel balloon animal just became the world's most expensive living artwork.
In short: Jeff Koons’ Rabbit sold for $91.1 million, shattering records and highlighting a volatile art market. This reflective, inscrutable sculpture sits at the intersection of high-end investment and postmodern irony. Is it a masterpiece of contemporary aesthetics or a meaningless, lazy joke? The answer depends entirely on who is looking.
In May 2019, Jeff Koons’ Rabbit, a three-foot-tall stainless steel sculpture, sold at Christie’s for $91.1 million. This price surpassed the previous record for a living artist, held by David Hockney, whose work had sold for $90.2 million just months earlier in November 2018. The Rabbit was part of a collection belonging to the late magazine magnate S.I. Newhouse Jr., who passed away in 2017. The sculpture is one of only three editions, plus one artist’s proof.
The art market’s current state is increasingly driven by billionaire collectors, a shift that has marginalized middle-tier buyers. Economists suggest that when high-profile works command such astronomical prices, smaller collectors feel discouraged from purchasing more affordable pieces, fearing they cannot flip them for quick profits. This creates a market where exclusive items are traded among a tiny, ultra-wealthy elite, while the broader ecosystem of collectors who support emerging talent begins to fade.
Koons remains a polarizing figure. His Rabbit is often described as both cute and imposing, a work that simultaneously embraces and rejects postmodern conventions. Some critics view the sculpture as a hollow joke, while others see it as a sophisticated mirror that incorporates the viewer into the drama of its surface. Whether the piece is a profound commentary or a kitsch curiosity, its record-breaking sale reflects a broader trend where the financial value of art has become as much a part of the work as the sculpture itself.
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Sources
- Summary by Intellect · source: Jeff Koons’ ‘Rabbit’ Breaks the Auction Record for Most Expensive Work by Living Artist
- Also: Rabbit (Koons)
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