{"id":45195,"date":"2022-06-16T07:00:38","date_gmt":"2022-06-16T11:00:38","guid":{"rendered":"https:\/\/rehs.com\/eng\/?p=45195"},"modified":"2022-06-15T14:41:56","modified_gmt":"2022-06-15T18:41:56","slug":"selling-a-koons-for-ukraine","status":"publish","type":"post","link":"https:\/\/rehs.com\/eng\/2022\/06\/selling-a-koons-for-ukraine\/","title":{"rendered":"Selling A Koons For Ukraine"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2022\/06\/640px-Outline_of_Ukraine.svg_.png\"><img decoding=\"async\" class=\" wp-image-45196 alignleft\" src=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2022\/06\/640px-Outline_of_Ukraine.svg_-300x202.png\" alt=\"An outline of Ukraine colored with the colors of Ukraine's flag\" width=\"264\" height=\"178\" srcset=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2022\/06\/640px-Outline_of_Ukraine.svg_-300x202.png 300w, https:\/\/rehs.com\/eng\/wp-content\/uploads\/2022\/06\/640px-Outline_of_Ukraine.svg_.png 640w\" sizes=\"(max-width: 264px) 100vw, 264px\" \/><\/a><\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A large Jeff Koons sculpture will be coming across the auction block at the end of the month. The work,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.artnet.com\/app\/news-upload\/2022\/06\/1x-1-755x1024.jpeg\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">Balloon Monkey (Magenta)<\/span><\/em><\/a><span data-preserver-spaces=\"true\">, is owned by the Ukrainian billionaire Victor Pinchuk, who purchased the work from Larry Gagosian not long after its creation in 2013. Christie\u2019s specialists estimate that the sculpture will likely sell for \u00a310 million (or about $12 million). According to Pinchuk, the proceeds from the sale will go towards purchasing medical supplies for Ukrainians affected by the ongoing war. This is very fitting with Pinchuk\u2019s past actions. He and his wife Olena, daughter of former Ukrainian president Leonid Kuchma, have generously donated to several charitable causes through the Victor Pinchuk Foundation, the largest private philanthropic organization in Ukraine. In fact, since the outbreak of the war in late February, the Pinchuks have already given away an estimated $30 million towards relief efforts.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, Christie\u2019s specialists may be lowballing the estimate a little since many other large Koons works have reached much higher amounts than the mere \u00a310 million. Most recently, <em>Balloon Monkey (Orange)<\/em>, from the same series as the work up for sale, sold at Christie&#8217;s New York in 2014 for $23 million (or $25.9 million w\/p).<\/span><span data-preserver-spaces=\"true\"> The year before, <em>Balloon Dog (Orange)<\/em> sold for $52 million (or $58.4 million w\/p). Also, with the explicitly stated objective of raising money for humanitarian purposes, the hammer price is bound to be far higher than the specialists\u2019 estimate. When asked to comment on the Pinchuks\u2019 decision, Koons stated, \u201cArt&#8217;s true value is to be of service to humanity, and there could not be a higher calling at this moment than to support the Ukrainian people.\u201d The Koons work will be part of the Christie\u2019s 20th\/21st Century sale that will take place at their London saleroom on June 28th. Though it will not be the highest-valued work in the sale (with two Monet works set to bring in far more), the circumstances of its appearing at auction may cause it to be the star of the sale.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A large Jeff Koons sculpture will be coming across the auction block at the end of the month. The work,\u00a0Balloon Monkey (Magenta), is owned by the Ukrainian billionaire Victor Pinchuk, who purchased the work from Larry Gagosian not long after &hellip; <a href=\"https:\/\/rehs.com\/eng\/2022\/06\/selling-a-koons-for-ukraine\/?contemporary=N\">More&#8230;<\/a><\/p>\n","protected":false},"author":6,"featured_media":45196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1],"tags":[224,72,207,416,429,404,11,9,608],"class_list":["post-45195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rehs-galleries","category-rehs-contemporary","tag-20th-century-american-art","tag-american-art","tag-auction-news","tag-christies","tag-contemporary-art","tag-koons","tag-rehs-contemporary-news","tag-rehs-galleries-news","tag-ukraine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Selling A Koons For Ukraine - Rehs Galleries<\/title>\n<meta name=\"description\" content=\"A large Jeff Koons sculpture will be sold at Christie&#039;s, with the proceeds going towards medical supplies for Ukraine.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rehs.com\/eng\/2022\/06\/selling-a-koons-for-ukraine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Selling A Koons For Ukraine\" \/>\n<meta property=\"og:description\" content=\"A large Jeff Koons sculpture will be sold at Christie&#039;s, with the proceeds going towards medical supplies for Ukraine.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rehs.com\/eng\/2022\/06\/selling-a-koons-for-ukraine\/\" \/>\n<meta property=\"og:site_name\" content=\"Rehs Galleries\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/RehsGalleriesInc\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-16T11:00:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rehs.com\/eng\/wp-content\/uploads\/2022\/06\/640px-Outline_of_Ukraine.svg_.png\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Nathan Scheer\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Scheer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2022\\\/06\\\/selling-a-koons-for-ukraine\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2022\\\/06\\\/selling-a-koons-for-ukraine\\\/\"},\"author\":{\"name\":\"Nathan Scheer\",\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/#\\\/schema\\\/person\\\/1d33fd182b28afdad8fc3548ffe6bdc4\"},\"headline\":\"Selling A Koons For Ukraine\",\"datePublished\":\"2022-06-16T11:00:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2022\\\/06\\\/selling-a-koons-for-ukraine\\\/\"},\"wordCount\":341,\"publisher\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/rehs.com\\\/eng\\\/2022\\\/06\\\/selling-a-koons-for-ukraine\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/rehs.com\\\/eng\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/640px-Outline_of_Ukraine.svg_.png\",\"keywords\":[\"20th Century American Art\",\"American Art\",\"Auction News\",\"christie's\",\"Contemporary art\",\"koons\",\"Rehs Contemporary - Art World News\",\"Rehs Galleries - Art World News\",\"ukraine\"],\"articleSection\":[\"Rehs 19th &amp; 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