When Art Meets Fashion: Jeff Koons Designs For H&M

Remember the huge golden sculpture of a balloon dog that Jeff Koons sold for a whopping $58.4 million at Christie's last year? Well, the best-selling American artist is at it again, this time, joining hands with fashion powerhouse H&M.

Coinciding with his retrospective at the Whitney Museum, Koons created a limited-edition handbag for the grand opening of H&M's new flagship store on Fifth Avenue, near the Rockefeller Center. Though the younger generation might know him for his work on Lady Gaga's ARTPOP album cover, Koons continues three decades of global influence on both the contemporary art world and fashion, becoming the first artist to collaborate with H&M.

Mark your calendars: The first 1,000 customers to line up at the opening of the store on July 17 will be rewarded with a free H&M T-shirt and an "Access to Fashion Pass," a gift card with a random value of $10 to $1,000. Now, that's what we call a giveaway!

H&M Fifth Avenue, 589 5th Avenue, Midtown, New York. Opens Thursday, July 17 at 12pm.