The balloon was inflated at Montessori Primary School, in Holder, before 9am and was taking off about 9.15am.

It flew towards the city and touched down at Telopea Park School in Manuka about 10am.

There had been concerns at one point about the amount of fog, although it has cleared enough to for authorities to go ahead with the flight.

According to the floating artwork's owner and pilot, Robyn Archer has planted a seed for the future of Canberra's creativity through Skywhale.

''They could have spent $300,000 on something instantaneous but instead she wants this project to grow into the future and always have that connection with Canberra no matter where it is in the world or around the country,'' Kiff Saunders said.

''It's sad you can't embrace the magical. This isn't some people playing a silly prank on Canberra. Robyn is an icon of artistic event management while Patricia has drawn it, 3D designed it and micro-managed the entire project for little more than $8000. This is an original Piccinini sculpture. She told me she sold one of her pieces for $300,000 last week. Come on Canberra.''

Speaking to Fairfax Media on Friday, Ms Archer said the media storm over Skywhale - positive or otherwise - has fulfilled one of the sculpture's key performance indicators.

''That's my wont, to have things that are amazing, awe-inspiring, full of skill, that will always provoke,'' she said.

In one week the blush and black mythical beast has had the type of media coverage the Kardashians strive for.

''I think it's fair to say that for a project that's cost $300,000 and for a balloon that's cost $172,000, the multiplier effect across the international media would be enormous,'' Canberra centenary executive director Jeremy Lasek said. ''I think we can confidently say valued in the millions, probably in the many millions, and when you've got news organisations like BBC, CNN, Huffington Post, Die Welt sitting up and taking notice, running the Skywhale image, you know you've got an international hit I guess in terms of media coverage.''

Marketing and public relation experts have applauded Ms Archer and the centenary team's vision. ''I would love to see Canberra businesses now start tapping into Skywhale's international fame, start embracing her and capitalise on it,'' digital marketing specialist Bree Winchester said.

According to the account director for the Visual Jazz Isobar creative agency, Skywhale is a cash cow. ''When speaking to all of my colleagues around the country, everyone has heard of it and can come up with cheeky concepts off the top of their heads. She is what we strive for.''