(Ferus Type) (1963) for $33 million. At a Christie's auction in 2013, he sold Coca-Cola (3) (1962) to Alice L. Walton for $57.2 million. In 2013, Mugrabi set a record for the most expensive work by a living artist, when he paid $58.4 million for Jeff Koons’s Balloon Dog (Orange) from Peter M. Brant's collection at Christie’s. In February 2020, he lent items from his Koons collection to the Tel Aviv Museum of Art for the "Absolute Value" exhibition, which runs to October 2020. Losing to Madoff The Mugrabis, who live in New York, were investors in a Madoff fund and lost money as a result. The fund was backed by loans from banks including Banco Bilbao Vizcaya Argentaria and Nomura Holdings, which invested about $304 million."We had very little money with the fund – just under a million dollars – so I am not that upset personally," said Mugrabi's son Albert. "It was a very informal thing. We know Andrés (Piedrahita) since forever, from Bogotá, he’s a great guy, and he says to us, ‘This is the Madoff thing, he’s the master.’ I trusted Andrés. I still trust him." References 1939 births Businesspeople from Jerusalem Israeli art collectors Israeli people of Syrian descent Living people Syrian billionaires