Jeff Koons net worth: Artist's fortune explored as woman accidentally breaks 'balloon dog' sculpture worth $42,000

Jeff Koons
Jeff Koons' sculpture was broken at a gallery in Miami (Images via Romaine Maurice and Ted Soqui/Getty Images)

A sculpture of a Balloon Dog by famous artist Jeff Koons broke down at a Miami gallery on Thursday, February 16, 2023. The gallery is being visited by a large number of people as the Art Wynwood fair recently started.

The sculpture in Miami is inspired by a Balloon Dog sculpture that is 12 feet tall and made from mirror-polished stainless steel. The original piece is currently available for display in Los Angeles. Meanwhile, the miniature version that broke at the gallery was 15 inches tall and created from porcelain, and is reported to be around $42,000

According to artist and art collector Stephen Gamson, as soon as the piece fell to the ground, it grabbed everyone's attention and people ran to see what had happened. Gamson said that the piece fell because of a woman's mistake. The woman put her hands on the sculpture thinking it was a real balloon.

However, an art advisor at the gallery described the entire thing as an accident. The advisor also said that the piece was insured, which meant that the woman didn't have to pay anything for the damage caused.

Although Jeff Koons has not yet responded to the incident, it is worth noting that another one of his sculptures met the same fate in 2016. While speaking to Page Six, about the previous incident, he had said that although it was bad, it was still a porcelain plate. He added:

"We're really lucky when it's just objects that get broken, when there's little accidents like that, because that can be replaced."

Jeff Koons has earned a lot from his career as a flawless artist

Jeff Koons has earned a lot from his career as an artist (Image via Dia Dipasupil/Getty Images)
Jeff Koons has earned a lot from his career as an artist (Image via Dia Dipasupil/Getty Images)

Jeff Koons is currently one of the most famous artists. His sculptures are well-known among the public for portraying common objects and specifically balloon animals created in stainless steel.

His successful career has helped him earn a lot and according to CelebrityNetWorth, the Koons' net worth is estimated to be around $400 million. The 68-year-old's works have been sold for large sums of money and his pieces have a record for being sold at different auctions at an expensive price.

Koons gained recognition as the most expensive living artist after his Balloon Dog was sold for $58.4 million and his 1986 stainless steel rabbit was purchased for $91.1 million at an auction in 2019.

His artworks have become popular in the art market in the last few years and they have been sold for the best prices. His Michael Jackson and Bubbles sculptures were sold for $5.6 million in 2001 followed by the Hanging Heart for $23.6 million in 2007.

Although his work has been loved all these years, they have been slammed by some. Koons has also faced a few lawsuits on charges of copyright infringement.

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Jeff Koons began his career in the 80s and started a studio in SoHo where 30 people were employed. He eventually became popular for his sculptures that portrayed objects like vacuum cleaners and basketballs.

As mentioned earlier, his sculpture of the Balloon Dog was insured and he is yet to make any comment on the incident.

Edited by Madhur Dave
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