The work was bought by art dealer Robert Mnuchin, father of Treasury Secretary Steve Mnuchin.
The 1986 Jeff Koons sculpture, known simply as “Rabbit,” is one of only four in the world and was previously owned by former Condé Nast owner S.I. Newhouse.
"Rabbit" now holds the record as the most expensive piece of art made by a living artist.
David Hockney’s “Portrait of an Artist” previously held the record at Christie’s when it sold for $90.3 million last November, Artsy reported.
The curator of a recent Koons retrospective at the Whitney Museum of American Art in New York called “Rabbit” one of the most famous works of the last 40 to 50 years, according to Artsy.
Koons became famous in the 1980s turning everyday objects – like a balloon animal – into art.
In 2013, Koons sold “Balloon Dog (Orange)” for $58.4 million.