The Serpentine Gallery Pavilion 2006, £750,000

What it is: Open to the public this Thursday, the summer pavilion at the Serpentine Gallery, designed by Rem Koolhaas, one of architecture’s coolest stars, and Cecil Balmond, the structural engineer. The first Koolhaas building in Britain, the “spectacular ovoid-shaped inflatable canopy” will float above the lawn in London’s Hyde Park until October, and be used as a cafe and covering for films, forums and parties. The pavilion measures 130ft tall x 69ft at its widest point. The sale — along with hefty sponsorship deals — helps to fund the pavilion.

The problems: If you want to reinflate the pavilion for a private party, you will need at least 6,460sq ft (0.14 acre), and as the selling agent Rupert des Forges of Knight Frank points out, “it would suit a parkland or estate garden setting”.

The pavilion structure has an indefinite life expectancy, but the tethered PVC helium balloon (approaching the size of the dome of St Paul’s) is estimated to last only five to six years, depending on how many times it is inflated.

The asking price includes the drawings, and one installation in its new location by Arup, the engineering firm that worked in collaboration with Koolhaas. The owner will have to pay about £150,000-£200,000 to dismantle it first.

The advantages: Your chance to own a practical piece of art. It’s the sixth Serpentine pavilion to be built since 2000, and Knight Frank has taken advice from art experts to help fix the price. The previous two designs sold to private collectors without marketing; this year, the selling agents are testing the joint strength of the modern art and property markets, by asking for offers over £750,000.

Knight Frank, 020 7861 1777, www.knightfrank.com; www.serpentinegallery.org

Explore Property

• Buying & Selling

• New Homes

• Overseas

• Interiors

• Investment

• Gardens

• Cool In Your Code

• Specials

• First-time buyer

• Rental Market

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers