Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Mugrabi’s Orange Crush

February 14, 2014 by Marion Maneker

Jeff Koons

The Wall Street Journal’s Mary Lane fingers the Mugrabi family as the buyers of Peter Brant’s Orange Balloon Dog sculpture by Jeff Koons that sold in November for a record price. The work joins four others that he owns, according to a conversation Lane had with the collector and market maker, “and is seeking to buy more while keeping the market growing but stable”:

Demand for Koons has grown in the past decade, weathering the financial crisis of 2009 but peaking in 2011. In that year, 91% of Koons’s works on auction were sold, with an average sale price of $1.6 million, safely above the average estimate, according to Artnet data. Last year, 78% of Koons’s works offered were sold.

Now, support from Mr. Mugrabi could boost demand.

Mr. Mugrabi has said he didn’t initially care for Koons’s art. But he “unexplainably fell in love” with the shiny orange puppy when he visited the house of its former owner, prominent art collector Peter Brant, Mr. Mugrabi said.

“You can’t ask me why I love this lady or that lady, and you can’t ask me why I love the dog or another piece of art. I just do,” he said.

Christie’s, Sotheby’s Post Robust Sales (WSJ)

More from Art Market Monitor

  • Vernissage TV: Art Forum BerlinVernissage TV: Art Forum Berlin
  • Autumn in Dubai’s Auction MarketAutumn in Dubai’s Auction Market
  • Politics of Obama's ArtPolitics of Obama's Art
  • Homage to CattelanHomage to Cattelan
  • Impressionist Market Looks for a FloorImpressionist Market Looks for a Floor
  • British Painting Prodigy Investing In ArtBritish Painting Prodigy Investing In Art

Filed Under: Collectors

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor
 

Loading Comments...