Jeff Koons's "Balloon Flower" Sculpture Will Indicate Market At Christie's

NEW YORK-- In November 2007, Jeff Koons's "Hanging Heart (Magenta/Gold)" sold for $23.6 million at Sotheby's New York, setting a world auction record for a work by a living artist. In June of the following year, another refulgent sculpture from Koons's iconic "Celebration Series," the similarly candy-colored "Balloon Flower (Magenta)," surpassed that price, fetching $25.7 million in a Christie's showroom. Just months later, Lehman Brothers filed for bankruptcy, most national economies slipped into recession, and the art-market fell into a steep decline. Now, only a little more than two years after the last historic sale, another "Balloon Flower," a blue one this time, is set to hit the block at Christie's New York on November 10, carrying a $12--16 million estimate.