Jushi Tie by Northern Song Dynasty (960-1127) scholar Zeng Gong on display at the China Guardian 2016 Spring Auction in Beijing on Sunday Photo: Xinhua

Calligraphy work Jushi Tie by ancient Chinese scholar Zeng Gong was purchased for 207 million yuan ($31.6 million) by Wang Zhongjun, CEO of film company Huayi Brothers, at the China Guardian 2016 Spring Auction in Beijing on Sunday.

Zeng Gong, one of the Eight Great Prose Masters of the Tang and Song Dynasties, was an outstanding scholar and historian from the Northern Song Dynasty (960-1127).

Featuring 124 characters in total, each character sold for 1.67 million yuan each.

A letter written to a contemporary on the back of a printed book, the work is the only surviving example of Zeng's calligraphy. It was passed down through the ages by several famous collectors.

It was auctioned twice before, earning more than 4.5 million yuan 20 years ago and 100 million yuan in 2009.

This is not the first time that Wang has spent a whopping amount on artwork.

Prior to this, Wang bought paintings Femme au Chignon dans un Fauteuil by Pablo Picasso for $29.93 million in 2015 and Vase With Daisies And Poppies by Vincent van Gogh for more than $61 million in 2014.