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China’s Movie Exec Wang Buys $29.9 Million Picasso

China’s Movie Exec Wang Buys $29.9 Million Picasso

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.

“I first fell in love with the painting and then I fell in love with its story,” he said in the press release a day after the May 5 sale. “I can see not only Pablo Picasso’s genius, but also Samuel Goldwyn Sr.’s creative vision.”

Goldwyn bought the painting in 1956, according to the statement.

Wang, who is chairman of Huayi Brothers Media Corp., bought the Picasso after he picked up a Vincent Van Gogh painting in November at Sotheby’s in New York for $61.8 million.