Chinese Movie Mogul Wang Buys $29.9 Million Picasso at Sotheby’s

Chinese movie mogul Wang Zhongjun was the buyer of a Pablo Picasso painting that sold for $29.9 million at Sotheby’s in New York, the auction house said in a press release.

The 1948 painting, titled “Femme au Chignon dans un Fauteuil,” is of the artist’s lover Francoise Gilot and sold from the collection of Hollywood’s film producing dynasty, the Goldwyns. The artwork had a pre-sale estimate of $18 million.