Steve McQueen is the art world's new King of Cool. The British filmmaker whose recent project Hunger won the prestigious Caméra d'Or award at Cannes, adds another prominent award to his collection: Gucci Group's annual recognition of an international artist who makes a significant contribution to film. And this year's group of nominees -- Julian Schnabel, Isaac Julien and Adam Yauch -- provided staunch competition indeed.

Robert Polet, Gucci's CEO and President, presented the award to McQueen during the 65th Venice Film Festival in Venice, Italy. The committee included some of the world's greatest arbiters of style, Italian Vogue's Franco Sozzani, the artist Jeff Koons, actress Isabelle Huppert, Yves Saint Laurent's creative director Stefano Pilati and the artistic director of the Venice Film Festival, Marco Muller.

This has got to be one of the stranger luxury craft plying the waters: Guilty, the 115-ft. yacht Greek billionaire Dakis Joannou commissioned from art world superstar Jeff Koons. Joannou, an industrialist who owns one of the world's finest collections of contemporary art, had Koons' design executed by Italian yacht builder Ivana Porfiri.

Though Koons' colorful scheme calls to mind the Pop Art paintings of the late Roy Liechtenstein, Joannou says the design is actually based on a WWI camouflage pattern. After the yacht's completion, Joannou came across a text painting entitled Guilty by British artist Sarah Morris, which he immediately purchased to decorate the yacht. The eye-popping craft which was recently spotted on its maiden voyage in Monaco.

[via Monaco Eye]

A rare Francis Bacon triptych that has never before been seen in public and has never been offered at auction is expected to fetch over $20 million during Christie's Contemporary Art Sales in London at the end of the month. Painted in Paris in 1975, Three Studies for a Self Portrait (above) is similar in character to the Bacon triptych that sold for $28 million at Christie's last month. Also starring in the sales on June 30 through July 1: Lucian Freud's Naked Potrait with Reflection, one of the most important works by the artist ever to be offered at auction, est. $20 million - $30 million; Jeff Koons' Balloon Flower (Magenta), 1995-2000, the most important Koons work ever offered at auction in Europe, est. about $25 million; Andy Warhol's Nine Multicolored Marilyns, est. $5 million - $7 million; and Jean-Michel Basquiat's Trunk, painted in 1982, est. $2 - $3 million.

If you can't afford one of Jeff Koons's monumental works you can content yourself, or the art lover on your holiday list, with a book on his workds. The Jeff Koons monograph includes a catalog of his work which is organized to tell his story through pictures. There are 100 limited art edition copies with an original artwork by the artist. The book is 606 pages and measures a hefty 13" x 17¼". It sells for $1,000.

If the art market is any indicator of the economy it looks like things are pretty secure. Overall the fall art auctions in New York City ended up strong with the only down note being the Impressionist sale last week at Sotheby's which had the misfortune to take place on the day the stock market took a serious dip. Analysts now say the auction was just an isolated episode although at the time the auction house's stock plummeted. Sotheby's had a much better night with their contemporary art auction, it brought in $316 million, above expectations. The big star of the auction was one big work, Hanging Heart by Jeff Koons which went for $23.4 million setting a auction record for an artist who is still alive besting Damien Hirst who garnered the title last June. Two Francis Bacon pieces also sold for a combined $79 million.

The Hanging Heart is done in high chromium stainless steel weighs over 3,500 pounds and is almost nine feet tall. It was the second monumental piece that Koons sold during the fall auctions. His giant faceted blue diamond sculpture sold at Christie's for $11.8 million. Both pieces were bought by Larry Gagosian who is the art dealer for Jeff Koons.

[Thanks, Lana]

The good thing about a Monet or a Van Gogh is that you can probably find space for it in your home. It's not quite so easy with some of the works by today's artists such as Damien Hirst and Jeff Koons. Case in point, Koon's big bright Hanging Heart (Magenta and Gold) which will be auctioned off on November 14 at Sotheby's New York as part of their Contemporary Art Sale. This beauty in high chromium stainless steel weighs over 3,500 pounds and is almost nine feet tall.

Koons employs a large stable of artists and this work and took over 6,000 man hours to produce. The work is on display at Sotheby's this week through Sunday, October 8th, by private appointment. When it sells it is estimated to bring $15/20 million. I wonder if that includes shipping and installation.

[via Elite Choice]