From the INDEPENDENT. -- Jeff Koons' 12 foot sculpture "Balloon Dog" has broken records to become the most expensive piece of art by a living artist sold at auction.

The giant stainless steel sculpture sold for $58.4 million (£36.8m) at an auction at Christie's in New York last night.

The previous record for a living artist was set by a Gerhard Richter painting depicting an Italian city square, which sold in May for $37.1 million (£23.3m).

“Balloon Dog", which formed part of Koons' “Celebration" series in 1994, is part of a series of five colored sculptures in red, magenta, blue, orange and yellow.

The "Balloon Dog" sculptures have been exhibited across the world, from the Grand Canal in Venice to the roof terrace of the Metropolitan Museum of Art in New York.

Speaking about the artwork, Koons told Christie's: “When I made 'Balloon Dog', I wanted to make a piece that reflected the joy of celebrating a birthday or a party.

“The Balloon Dog is materialism and monumentality. In many ways it is like the Trojan horse."