The most expensive artwork sold by a living artist is no longer a painting or unique sculpture. It is an edition.
Jeff Koons' three foot tall Rabbit sold for $91 million on Wednesday evening, at Christie's auction house in New York. The work narrowly beat out David Hockney's Portrait of an Artist (Pool with Two Figures), the previous record-holder, which sold for $90.3 million last November.
The 1986 work Rabbit is from an edition of three (plus an artist's proof). Another is in the collection of the Broad Foundation, in Los Angeles, and a third has been promised to the Museum of Contemporary Art in Chicago.
The New York Times reported yesterday that "Art that cost more than $1 million accounted for 40 percent of the market, but just 3 percent of transactions."
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