Jeff Koons Balloon Sculpture Could Rake In Over $10M In Aid Of Ukraine

Later this month, Jeff Koon’s Balloon Monkey (Magenta), a seminal work of the highly-acclaimed artist, will go under the hammer at Christie’s, with the proceeds going towards humanitarian aid in Ukraine. 

It’s expected the piece will fetch between £6,000,000 (US$7,500,000) and £10,000,000 (US$12,500,000). 

The sale, organized by Ukrainian billionaire Victor Pinchuk and his wife, Olena, hopes to raise vital funds to assist the country’s war efforts, particularly in assisting soldiers and civilians wounded by battle to acquire prosthetics, medical treatment, and rehabilitation. 

According to the auction house, the sculpture was a perfect pick for the cause, as it represents “childhood innocence and joy for both children and adults alike,” and presents as a “symbol of hope and solidarity with those men, women, and children living in war-torn Ukraine.” 

The work will be on exhibit in St James’ Square from June 14 to July 1, allowing visitors in London to gather and take part in a moment of contemplation of the events that have unfolded on the continent. 

“Victor and Olena Pinchuk have been working tirelessly to galvanize humanitarian aid for Ukraine, so it is a sincere privilege to have my artwork Balloon Monkey (Magenta) auctioned at Christie’s to support their extraordinary efforts,” Koons remarked.

“Art’s true value is to be of service to humanity and there could not be a higher calling at this moment than to support the Ukrainian people. I have been very saddened by the human and cultural impact of the war and destruction that I have witnessed in Ukraine,” he continued. 

“Balloon Monkey (Magenta) fittingly symbolizes hope, affirmation, and transcendence, and I can only hope the donations of my artwork by Victor and Olena Pinchuk can help draw attention to the need for aid and support for the people of this country, now more than ever.” 

[via Artnet News and Christie’s, cover image via Christie’s]