Wang Jianlin, China’s richest man, bought Picasso’s painting of his children (Picasso’s children, not Wang’s) for US$28.2 million, or 172 million yuan, at an auction in Christie’s in New York. The painting’s estimated value was between nine and twelve million US, but Wang paid a gentleman’s twenty-eight because the art-auction world is really complicated and people spend crazy amounts of money on everything.
Wang was last on Shanghaiist after he decided to by American movie-theater chain AMC and then start his own Asian Hollywood. Now he’s dropping cool millions on paintings, because that’s what rich people do, as Bloomberg reports:
The evening began with spirited bidding for Picasso’s “Cigare,” a 4-inch-long, half-smoked cigar made with painted wood. Estimated at $200,000 to $300,000 it sold for $1.1 million, drawing bids on the phones and in the room. […]
Wang, who bought Picasso’s “Claude et Paloma,” through Rebecca Wei, managing director of Christie’s Asia, ranks 84th on the Bloomberg Billionaire Index with net worth of $13.2 billion. He is the chairman and founder of Dalian Wanda, a Chinese conglomerate with interests in commercial property development, a department-store chain, tourism, hotels and entertainment centers.
Wang’s purchase was part of a larger sale at Christie’s which was described as an “otherwise lackluster eveing” that brought in only US$92.5 million dollars.
[Image of the painting, Claude et Paloma, via Christie’s]