Jeff Koons' BMW art car unveiled at Art Basel 2013

Jeff Koons has joined the exclusive list of artists who have designed a BMW Art Car, unveiling his creation at the Art Basel fair in Miami on December 4.

Koons is now the world's most valuable living artist after one of his Balloon Dogs sold at Christie's

The car, a BMW M3 GT2, was unveiled during a BMW reception at the event, which showcases the best in modern and contemporary artwork.

"I always enjoyed the art cars - Warhol's car, Roy Lichtenstein's car, Stella's, Calder's - all the cars have always been fantastic. I just wanted to participate," the artist commented.

"The art world is like a family and I wanted to also be involved in this dialogue of designing an art car. Today I'm proud that this car is there alongside their work too."

The tradition of creating art cars was introduced by French driver Herve Poulain, who commissioned Alexander Calder to paint his car ahead of the 1975 Le Mans race. Andy Warhol completed his in 1979, with the car also raced at that year's Le Mans.

The unveiling follows last month's $58m record sale of Koons' Balloon Dog at Christie's, becoming the most valuable work by a living artist ever sold at auction.