The Louvre in Abu Dhabi will receive a masterpiece of Italian master Leonardo Da Vinci The Savior of the World, which last month was bought at Christie's auction for $450 million from Russian billionaire Dmitry Rybolovlev, in his collection.
The 500-year-old painting is called "Salvator Mundi", Latin for "saviour of the world". The New York Times recently reported that a Saudi prince, Bader bin Abdullah bin Mohammed bin Farhan al-Saud, was the man responsible for buying the painting at that staggering price of $450.3 million.
A spokeswoman for Christie's offered her congratulations to the Louvre Abu Dhabi, telling CNN that she was "delighted that the piece is going to be on view in public".
The auction house did not say who the buyer was; it does not comment on the identities of buyers or sellers without their permission.
The newspaper said that the work will be lent or resold to museums, largely in the Middle East and Asia. Now the painting that far surpassed the former record held by Picasso's Women of Algiers (which fetched $179.4 million in 2015) has found a new home. The newly opened museum made the announcement this week.
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Believed to be the last Da Vinci in private hands, "Salvator Mundi" commanded four times what Christie's had projected even as skeptics questioned its authenticity.
Featuring a vast silver-toned dome, the Louvre Abu Dhabi was designed by French architect Jean Nouvel, drawing inspiration from Arab design and evoking both an open desert and the sea.
Under a 30-year agreement, France received 1 billion euros ($1.16 billion) in return for providing expertise, lending art works, organizing exhibitions and allowing LAD to use the name "Louvre".
Surrounded by water on three sides, the museum houses 600 artworks it has acquired alongside 300 works on loan from 13 leading French institutions in its 23 permanent galleries.
In 2005, a group of art dealers paid less than $10,000 for the artwork. The Louvre Abu Dhabi said in a tweet Wednesday: "Da Vinci's Salvator Mundi is coming to #LouvreAbuDhabi". The deal with the Swiss art dealer resulted in a court proceeding, which continues to this day.