Los Angeles area art fabricator Carlson & Co., perhaps best known for its work giving life to some of Jeff Koons' visions, announced it is going out of business, according to Bloomberg News.
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The San Fernando-based company, founded in 1971 and regarded as a go-to shop for complicated and large-scale metallic art installations, laid off its 95-employee workforce last week, according to the report. Founder Peter Carlson said he would file something "akin" to bankruptcy.
Carlson & Co. produced Koons' famed "Balloon Dog" series starting in 1995. The pieces are said to be worth about $20 million each in today's market.
"The economic climate contributed very much to the condition we find ourselves in," Carlson told Bloomberg.
Although Carlson said the company would not be able to finish projects that were in-the-works at its San Fernando base, the Los Angeles County Museum of Art stated that a Koons'-envisioned sculpture for the museum, a 70-foot-long replica of a 1943 steam locomotive dangling from a crane, was still under consideration. Carlson was supposed to be its builder.