Jeff Koons’ $160M Basketball Artwork: Auctioning Dreams

Jeff Koons’ $160 Million Basketball Artwork to be Auctioned

A unique artwork by renowned American contemporary artist Jeff Koons, featuring a basketball encased in glass, is set to be auctioned at a starting price of $160 million. The artwork, titled “Hoop Dreams,” represents the dreams of marginalized black youth aspiring to become successful basketball players and gain social recognition and wealth.

Exhibition at Museum Wave

The artwork, valued as a high-priced piece of art despite its resemblance to ordinary sports equipment, will be showcased at the Museum Wave. Jeff Koons, often referred to as the “King of Kitsch,” gained fame for his collaboration with Shinsegae Department Store in 2011, where he erected a giant purple candy wrapper on the rooftop, attracting significant attention in South Korea and worldwide. He is also known as one of the most expensive living artists globally.

Upcoming Auction at K-Auction Premium

The artwork will be available for bidding at the K-Auction Premium online auction, starting from the 30th of this month. The estimated value of the artwork is $160 million. The Deposit Insurance Corporation discovered this piece in a warehouse while sorting out distressed savings banks such as Busan, Tomato, Future, and Prime. Through the sale of a total of 8,016 art pieces by the end of November, they were able to recover $24 million. The proceeds from the sale will be distributed to depositors affected by the troubled banks.

Pre-Auction Exhibition

Highlighting the artistic and commercial value of the selected artworks, the Deposit Insurance Corporation is currently presenting a curated exhibition of high-value pieces (approximately 19 artworks with an estimated value of $25 million). The exhibition is scheduled to take place from the 23rd of this month until January 2024 at the Museum Wave in Seoul’s Seongbuk District.

Discovery of Counterfeit Artworks

During the preparation process for the exhibition and auction, the Deposit Insurance Corporation conducted appraisals and discovered four counterfeit artworks, all of which were voluntarily destroyed.

Conclusion

Jeff Koons’ artwork, featuring a basketball and encased in glass, will be exhibited at the Museum Wave. This unique piece represents the dreams of marginalized youth aspiring to become basketball players. With an estimated value of $160 million, the artwork will be auctioned at the K-Auction Premium online auction. Prior to the auction, selected artworks are being showcased at the Museum Wave to highlight their artistic and commercial value. Meanwhile, the Korean Securities Depository, responsible for the auction, has disposed of four counterfeit artworks discovered during the appraisal process.