Rabbit (Koons)

Lore & Background

In May 2019, the sculpture was auctioned for $91.1 million, breaking the auction record for an artwork by a living artist. The work, which was sold by the estate of the late magazine publisher S. I. Newhouse, was one in an edition of three (plus an artist's proof) and the last still held in private hands. It was later revealed that the art dealer Robert Mnuchin purchased the work for the billionaire hedge fund manager Steven A. Cohen.

In the initial sale of the work, Koons's art dealer Ileana Sonnabend kept one edition and sold the other two for $40,000 each: to the advertising magnate Charles Saatchi, and the painter Terry Winters. In 1991, Saatchi sold the piece to American collector Stefan Edlis for $945,000. Around the same period, Larry Gagosian brokered the deal between Winters and Newhouse, for $1 million. In 2011, at Abu Dhabi Art, Gagosian remembered it as his favorite art deal and 'the one transaction that stands out the most.' Gagosian regretted not being able to buy the piece himself, stating it was 'a startling price at the time, a million dollars.'

After Sonnabend's death in October 2007, her heirs sold her edition of the piece as part of a package of art works for $400 million to GPS Partners – set up by the art dealers Philippe Ségalot, Lionel Pissarro, and Franck Giraud, on behalf of a consortium of collectors including Carlos Slim, Sammy Ofer, François Pinault, and Qatar's ruling Al Thani family. In 2000, Edlis's edition of Rabbit was given as a partial donation to the Museum of Contemporary Art in Chicago, where it is still on display. The other edition of Rabbit is part of the permanent collection of The Broad in Los Angeles, where it is on view to the public as part of the museum's collection of Koons works.

Reader's Guide

Rabbit (1986) is a landmark sculpture in Jeff Koons's career, exemplifying his signature use of reflective stainless steel and playful, mass-culture imagery. Its auction record of $91.1 million in May 2019 marked a historic moment, surpassing all previous sales of works by living artists. The sculpture's journey through private collections—from Sonnabend to Saatchi, Edlis, Winters, and Newhouse—illustrates the rapid escalation of contemporary art values from $40,000 to over $91 million. The work's presence in major public collections, including the Museum of Contemporary Art, Chicago, and The Broad, Los Angeles, ensures its continued visibility. The sale to Steven A. Cohen via Robert Mnuchin further underscores the role of high-profile collectors and dealers in shaping the market. Rabbit remains a touchstone for discussions about the commodification of art, the power of branding, and the financialization of the contemporary art world.

Did You Know?

• One edition of Rabbit sold for $91.1 million in May 2019, breaking the auction record for a living artist.
• The sculpture was originally sold by Ileana Sonnabend for $40,000 each to Charles Saatchi and Terry Winters.
• Larry Gagosian brokered the $1 million sale of Rabbit from Terry Winters to S. I. Newhouse.
• After Sonnabend's death, her edition was sold as part of a $400 million package to GPS Partners.