Billionaire businessman Victor Pinchuk and his wife Olena are auctioning off Koons' seminal sculpture "Balloon Monkey (Magenta)" ( at Christie's. According to a press release issued earlier this week by Christie's, the proceeds of the sale will be used to assist soldiers and civilians injured in the war who urgently require prosthetics, medical treatment, and rehabilitation.
On June 28, Christie's in London will hold an evening sale dedicated to works created in the twentieth and twenty-first centuries. Koons' sculptures are among the most expensive pieces ever sold at auction. In 2019, Christie's New York sold "Rabbit" (1986) for $91 million, while "Balloon Dog (Orange)" (1994-2000) sold for $58.4 million six years earlier. In a statement released through Christie's on Tuesday, Koons said it was an "honor" to have his work auctioned off for a good cause. "The true value of art is to be of service to humanity, and there could be no higher calling at this time than to support the Ukrainian people," said Koons. The sculpture will also be on display in St. James' Square in London, next to Christie's headquarters, from June 14 to July 3.
Koons spoke about his personal connection to the Pinchuks and Ukraine. "The people and culture of Ukraine have enriched my life through my friendship with Victor and Olena Pinchuk. I've had numerous opportunities to visit Ukraine on my own and with my family, and I've always felt a strong sense of community, friendship, and history there "he stated in a press release "One of the reasons I've always worked with balloons is that the membrane is a metaphor for our skin; it refers to both internal and external life. The human and cultural consequences of the war and destruction in Ukraine have deeply saddened me.
"'Balloon Monkey (Magenta)' represents hope, affirmation, and transcendence, and I can only hope that Victor and Olena Pinchuk's donation of my artwork will help draw attention to the need for aid and support for the people of this country, now more than ever." Victor Pinchuk has a net worth of $1.9 billion, according to Forbes, after using his Ph.D. in pipe design to found Interpipe, a producer of steel products, in 1990. According to Forbes, he owns Grand Buildings, a landmark historical building on Trafalgar Square in London, and chairs the PinchukArtCenter, which is known for its biannual global contemporary art prize of $100,000 to a young artist. According to the Victor Pinchuk Foundation website, in 2013, Pinchuk pledged to give half or more of his fortune to philanthropic causes over the years, joining the Giving Pledge, a philanthropic initiative founded in 2010 by Bill Gates and Warren Buffett.
He stated in Christie's press release announcing the sale: "Our gratitude and respect for our soldiers know no bounds. They shed their blood for us, for Ukraine's and the world's future. Every Ukrainian civilian killed or injured as a result of Russian shelling, shooting, and systematic violence is a wound in our souls." We can help save lives with the auction proceeds. We can help rebuild lives that have been shattered by war. Dozens, if not hundreds, of lives, each of which is priceless."
Selena Mattei
