Wang Jianlin, the president of the Dalian Wanda Group and currently the richest man in China, flexed his muscles on the international art market Tuesday by purchasing a Picasso painting for $28.2 million.
The price Wang paid was much higher than what Christie's estimated it would sell for: $9 million to $12 million.
The Picasso painting, "Claude et Paloma," was being offered at a Christie's auction featuring works that belonged to the late modern-art dealer Jan Krugier, who died in 2008.
Christie's said Wang purchased the art by bidding over the phone.
The New York auction brought in a total of $113.7 million, which fell short of Christie's estimate of $171.4 million to $244.3 million.
Dalian Wanda is a Chinese conglomerate that has interests in entertainment, real estate and many other industries. Last year, the company acquired the AMC chain of cinemas in the U.S. for $2.6 billion.
The Chinese company recently donated $20 million to the Academy of Motion Picture Arts and Sciences for the planned movie museum to be built on the campus of the
Wanda is currently building a massive movie studio in the city of Qingdao, China, having recently wooed a number of Hollywood stars to appear at a groundbreaking ceremony.