Christie’s Announces the Sale of Koon’s Balloon Flower (Magenta) in London next month

Pilar Ordovas describes the $25 million estimate as “a steal” compared to the reported $80 million private sale of another Koons balloon sculpture in Bloomberg.com’s coverage of the announcement. Carol Vogel points out in the New York Times that the work was purchased for $1.1 million seven years ago, a healthy appreciation for the Rachofskys who are selling to acquire more art. Both stories describe London as the burgeoning center of the art market. “It’s the new nexus of the art world,” says Rachofsky in the Bloomberg story.