Nov. 14 (Bloomberg) -- Jeff Koons's 3,500-pound, hot-pink, stainless-steel ``Hanging Heart (Magenta/Gold)'' sold for $23.6 million tonight at Sotheby's in New York, a record for Koons that established him as the priciest living artist at auction.

Koons's 9-foot-tall heart with a gilt bow came early in a sale of contemporary artworks that totaled $315.9 million, including commissions. The 71 lots had been estimated to tally between $220.3 million and $298.7 million before fees.

The late Francis Bacon's 6 1/2-foot-tall canvas of a swirling man and bull -- against a mustard and orange ring -- was the evening's top lot. Estimated to fetch more than $35 million, it sold for $46 million to private dealer Philippe Segalot.

Sotheby's benefited from the momentum generated last night at Christie's contemporary art sale, which totaled $325 million and raked in 12 auction records for individual artists.

Koons, 52, a onetime Wall Street commodities broker, strides the line between high art and kitsch. He wrested the most- expensive crown from British artist Damien Hirst, anointed this spring when one of his works sold for $19.1 million.

Koons's subject matter includes his porn star ex-wife, puppies and pop singer Michael Jackson. He's popular among the billionaire art-buying club, and his collectors include Los Angeles executive Eli Broad and Christie's owner Francois Pinault. Sotheby's gave Koons's ``Heart'' eight pages in its auction catalog, including a fancy fold-out sheet. Sotheby's presale estimate for the work was $15 million to $20 million.

Five Versions

``Hanging Heart (Magenta/Gold)'' was one of five versions executed by a German manufacturer to Koons's specifications. It's part of the ``Celebration'' series, though dealers said it's not as desirable as other works in the series such as ``Balloon Dog.'' Dealer Larry Gagosian helped fund the production of the series and bought tonight's piece. He also bought a work from the series last night at Christie's.

Tonight's anonymous seller was identified by two dealers as Adam Lindemann. His wife, private dealer Amalia Dayan, is a former Gagosian staffer. Lindemann's father, George Lindemann, a cell-phone billionaire in Palm Beach, Florida, sold modern art last week.

Prices include a buyer's premium, or commission, of 25 percent of the hammer price up to $20,000, 20 percent of the price from $20,000 to $500,000, and 12 percent above $500,000.

(Lindsay Pollock and Philip Boroff write on the art market for Bloomberg News. The opinions expressed are their own.)

To contact the writers of this story: Lindsay Pollock in New York at lindsaypollock@yahoo.com. Philip Boroff in New York at pboroff@yahoo.com

Last Updated: November 14, 2007 21:20 EST