The Urs Fischer sculpture that will be installed at the Seagram’s building is being sold by Christie’s during the May sales. Reuters reports on Christie’s Contemporary head Brett Gorvy’s expectations for the work:

“We have seen contemporary sculpture works by Jeff Koons selling at $25 million and Urs Fischer is the leading pretender to the throne,” he said. “He is considered the most important, the most provocative of contemporary artists today.”

Gorvy said the U.S. collector selling the sculpture, whom he declined to name, had already turned down a private offer of $9 million.

“The anticipation is that it will make more than that,” he said. “There’s a very good chance it’s going to go to a museum or a private institution.”

Kelly Crow added some background on the other owners in the series and the sellers:

Hedge-fund manager Steven Cohen paid an undisclosed price for the blue version of this bear, and entrepreneur Adam Lindemann keeps his yellow version on the lawn outside his summer home in Montauk, N.Y. The final, yellow bear headed to auction now is being sold by real-estate investor Aby Rosen and Warhol dealer Alberto Mugrabi, who recently bought it from Christie’s owner François Pinault.

To install the work, Christie’s deputy chairman Brett Gorvy said the auction house had to get six city permits and pay to reinforce the plaza floor outside Mr. Rosen’s Seagram Building so it could withstand the heft of the bronze bear. Around 30 workers will be needed to help assemble the bear and its innards.

Giant Yellow Teddy Bear to Brighten New York City (Reuters)

Hey There! Big Bear to Visit Park Avenue (Wall Street Journal)