All BMW art cars are quite quirky and unconventional anyway.
The Koons design isn't all that irrelevant to racing. If you notice, those lines originates from spots on the front of the car. The streaks are formed as if the car is subjected to aerodynamic flow while racing forward. In fact, I caught it on TV during the race just before it retired. Car looks really good racing down the straight.
Now, if Jeff Koons have replicated more realistic streaks as per real-world flow dynamics, I reckon that would have been a really cool design.
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