The city of Sacramento and the Kings have agreed to commission world-renowned artist Jeff Koons to create a sculpture for outside the new downtown arena.

In what is the largest budget for a public art installation in the region’s history, the Kings, the city and three team owners will pay $8 million for the art. Another $1.5 million from the Kings and local philanthropist and artist Marcy Friedman will commission work from local artists to be displayed at the arena.

Koons’ sculpture will be the fifth in his “Coloring Book” collection, a series of towering stainless steel sculptures that have been displayed in some of the most prominent art museums in the world.