Current billionaire owners Olena and Victor Pinchuk have been wanting to help the Ukrainian plight by all means available to them. Selling this sought after art piece will allow them to send funds for wounded civilians and soldiers, helping them secure prosthetics and medical rehabilitation equipment.
As the last, and biggest, piece of Koons' Balloon series, it is very likely that this sculpture will exceed its current estimations. Previous similar sales of Balloon Flower (magenta) and Balloon Monkey (orange) both sold for over $25M. If those figures could be reached once again, the amount of aid provided to Ukraine would be significant.
Koons has shown great support for their initiative declaring in a statement that: "Victor and Olena Pinchuk have been working tirelessly to galvanize humanitarian aid for Ukraine, so it is a sincere privilege to have my artwork Balloon Monkey (Magenta) auctioned at Christie’s to support their extraordinary efforts. Art’s true value is to be of service to humanity and there could not be a higher calling at this moment than to support the Ukrainian people."