LONDON, Oct. 16, 2006 Billionaire philanthropist and art collector Eli Broad has purchased JeffKoons' sculpture Cracked Egg (Blue) for $3.5 million from Gagosian's new West End gallery, Bloomberg reports.

Broad's California art foundation bought the work to add to its 1,300-piece contemporary collection, which features several other Koons pieces, including "his basketballs, his bunny and one of his 'Celebration' works," the collector said.

Broad said the sculpture's fatealong with the rest of his art holdingshas yet to be decided, but the collection would be divided and doled out to institutions that needed the specific works. However, he added, the Koons pieces would remain together.

The Cracked Egg, in blue stainless steel, with the severed top beside the larger piece, is one of five, Broad said. "There's one left. It will cost more when it's sold."

Broad, a founder and former CEO of KB Home and SunAmerica Inc., paid $11.8 million in May for a 1962 Warhol painting of a Campbell's soup can; and $23.8 million last November for a David Smith Cubi sculpture, the highest price ever paid for a contemporary artwork sold at auction.

Bloomberg: Broad Buys Koons Egg for $3.5 Million as London Sales Start

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