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Jeff Koons' 'Rabbit' sculpture sells for a record-setting $91 million

Jeff Koons' stainless steel sculpture "Rabbit" set a record on Wednesday when it sold for more than $91 million at Christie's in New York City.

"Rabbit" is now the most expensive piece by a living artist to sell at auction. Christie's had estimated "Rabbit" would sell for between $50 and $70 million, and the winning bid was $80 million — auctioneer's fees brought the final amount to $91,075,000.

The sculpture was created in 1986, and is over three feet tall. It comes from the collection of the late publisher S.I. Newhouse; there are two other "Rabbit" sculptures in the world, with one owned by the Broad Foundation in Los Angeles and the other promised to the Museum of Contemporary Art in Chicago, CNN reports. In November, David Hockney's "Portrait of an Artist (Pool with Two Figures)" set the now-shattered record for most expensive work by a living artist to sell at auction, going for $90.3 million.