Wanda scoops a Picasso

The painting, titled "Claude et Paloma," was completed by the Spanish master in 1950. [File photo]

Wanda Group, one of China's biggest real estate developers, has bought a Picasso painting for more than US$28.1 million at a Christie's auction in New York.

It was the first time that a Chinese enterprise bought a Picasso painting in the West.

The painting, titled "Claude et Paloma," was completed by the Spanish master in 1950. The painting features his 3-year-old son and 1-year-old daughter.

"This is one of Picasso's favorite paintings, which had been hung in his studio until his death," said Guo Qingxiang, who is in charge of Wanda's art collections.

"We are pleased to have purchased this painting at such a price, especially with the global economic slowdown, because another of Picasso's paintings, "Boy with a Pipe," was sold at a record US$104.16 million in 2004."

Wanda's art collections already boast a host of local artworks by Wu Guanzhong, Shi Qi and Li Keran — all heavyweight names in modern Chinese art.

The fall art auctions got off to a shaky start on Monday with Christie's' sale of a private collection falling far short of expectations, Reuters said.

Picasso's sculpture "Tete" had been the highlight, and with an estimate of US$25-35 million was poised to break the artist's record for a sculpture. But the work failed to reach its reserve — the secret minimum price sellers agree to accept before an auction — when no bids beyond US$19 million were forthcoming.