A three-foot stainless steel rabbit carrying a carrot reportedly sold a record $ 91.07 million at Christie's Auction House in New York on Wednesday.
The work was purchased by art dealer Robert Mnuchin, father of the Treasury Secretary, Steve Mnuchin.
Jeff Koons' 1986 sculpture, known simply as "The Rabbit", is one of only four in the world and was previously owned by the former owner of Condé Nast, S.I. Newhouse.
"Rabbit" now holds the record as the most expensive work of art performed by a living artist.
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David Hockney's "Portrait of an Artist" had already broken the Christie's record when he sold $ 90.3 million last November, Artsy reported.
The curator of a recent Koons retrospective at the Whitney Museum of American Art in New York has called "Rabbit" one of the most famous works of the last 40 to 50 years, according to Artsy.
Koons became famous in the 1980s by transforming everyday objects – like an animal balloon – into art.
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In 2013, Koons sold "Balloon Dog (Orange)" for $ 58.4 million.