CHICAGO, IL.- The School of the Art Institute of Chicago announced that renowned artist and SAIC alum Jeff Koons donated a piece of artwork to the School, which will be sold to establish the Jeff Koons Scholarship Fund.

The piece, titled “Gazing Ball (Stool), 2013–2016,” is made of polychromed stainless steel, wood, glass and aluminum. Koons’ Gazing Ball series has been exhibited among some of history’s most famous paintings and sculptures, reinterpreted by the artist. A bright blue bauble was also featured on the cover of Lady Gaga’s 2013 album ArtPop. The piece, valued at $1 million, will be sold at a later date. The proceeds from the sale will provide need-based and merit-based scholarships, to be known as Jeff Koons Scholarships, to undergraduate students.

Koons’ gift will contribute to the more than $46 million raised to date as part of Beautiful/Work: The Campaign for SAIC. Coming off of a year-long celebration of its 150th anniversary, the School launched the public phase of its $50 million fundraising campaign just one year ago. More than 1,700 individual donors have made contributions, and alumni have donated a record $10.5 million.

Koons came to SAIC to study under Chicago Imagists and SAIC alumni Ed Paschke and Jim Nutt, an experience he’s described as being transformational in his development as an artist. In 2008, SAIC awarded Jeff an honorary doctorate for his tremendously influential and thought-provoking career and work, some of which is on display in the Art Institute of Chicago.