Koons Dallas ‘Flower’ may fetch $23.5 Million at Christie’s London June 30th

May 24th, 2008

Balloon Flower (Magenta) via jeffkoons

A Jeff Koons sculpture, Balloon Flower (Magenta), which has been in the Dallas collection of Howard and Cindy Rachofsky for seven years, is set to be auctioned at Christie’s London June 30 and may fetch $23.5 million. The sculpture, originally purchased for $1 Million, has gained value as Koons has emerged as one of the world’s most influential contemporary pop artists. Balloon Flower is from the same “Celebration” series as the sculptures which are currently on view on the roof of the Metropolitan Museum of Art in New York.

Koons Prices Balloon, ‘Flower’ Will Be Sold [NYTimes]
Jeff Koons: Iconoclast [Sundance]
Koons Sculpture to Fetch Millions[Bloomberg]
Christie’s Announces Sale of Koons [Art Daily]
Rachofsky’s Sell Koons to Focus Collection [Dallas News]
Koons Balloon Soars to Auction [ArtInfo]

The enormous stainless steel balloon flowers, intended for public display, an edition of five different colors. Koons owns the red, the rest are scattered throughout the world – blue in Berlin, orange in France, and the yellow in the collection of Francois Pinault (the owner of Christie’s).

Balloon Flower (Red) via nyclovesnyc

Howard and Cindy Rachofsky have said that the decision to sell the work, currently installed at the center of the pond at their estate, was very difficult.  However, they have decided to use the sale to raise funds to allow them to bolster their collection of American minimalism, Postwar Italian, and German Painting.  In 2005, the couple pledged their collection and all future acquisitions to the Dallas Museum of Art.

Balloon Dog on the Roof via the Met