Rich Offerings, Some Doubts, at New York May Sales

Undervalued
Jeff Koons, "Self Portrait" (1991)
(Est. $6–8 million)
Lot 111, Phillips de Pury & Company Contemporary Evening Sale, May 15

Given the unabated global appetite for trophy artworks, this standout marble bust of the bare-chested artist from 1991 looks like a contender for an outlandish result.

The 37 ˝-inch bust, from an edition of 3 plus one artist’s proof, comes from Koons’s now-storied "Made in Heaven" series. Carved by others, it’s a masterwork of self-adulation and ego-fueled hubris.

When it debuted at the Sonnabend Gallery with a price tag of $150,000 in 1991, the art market was in a huge slump, making the garishly produced series appear out of whack with the times. But in last month’s sale of works from the Ileana Sonnabend estate, one of Koons’s stainless-steel rabbits sold for over $65 million, suggesting that his market is unlikely to see a downturn anytime soon.

“Self-Portrait” last appeared at auction at Christie’s New York in November 2005, when a work from the same cast sold to Andrew Fabricant of the Richard Gray Gallery for $3,936,000 (est. $2–3 million).

Courtesy Phillips de Pury & Company