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The most expensive artwork sold by a living artist is "The Rabbit" by Jeff Koons. This sculpture was sold at auction for a record-breaking $91.1 million in May 2019. The piece, a shiny, stainless-steel rabbit, was created in 1986 and became the highest price ever paid for a work by a living artist, surpassing previous records held by other contemporary artists. Koons is known for his large-scale sculptures and works that engage with pop culture, and "Rabbit" is one of his iconic pieces.