For $29.5 Million, You Can Own a Fraction of a Koons Sculpture (and a Miami Penthouse)
As anyone who recently visited Art Basel in Miami Beach can attest, the city has no shortage of luxury high-rises. But a new condo under construction for 2016 boasts something that others cannot: partial ownership of a Jeff Koons sculpture, 1/240 to be exact.
According to the Wall Street Journal, the asking price for the five-bedroom, 19,320 square-foot penthouse is $29.5 million. Asking prices have not been released for the other 240 spaces in the 28-floor building, but apparently half of them have already sold.
The two sculptures in question are Pluto and Proserpina, on display right now at the Centre Pompidou in Paris, and Ballerina, currently in the process being fabricated in Germany. The building’s developer, Eduardo Constantini, purchased the two in 2012 before either had been created. Both sculptures will be situated on the property when its complete.
What happens if some market-savvy residents eventually wish to sell the pieces? Currently, they will have to wait five years and reach an 80 percent decision through the condo association before putting them on the market. “We wish that that not happen at all,” the developer told WSJ. “I think that those two pieces [are] like the soul of the project.” He also noted that their value had already appreciated since his purchase of them (despite the fact that one of them isn’t even finished yet).
There is also a $15 million dollar budget to purchase ten additional artworks which will also be co-owned by residents. No word yet on who those artists will be, but with the notorious unpredictability of the art market, we’re not sure we have the highest hopes for art co-ownership as a concept.
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