The Louvre Abu Dhabi opened a week ago. They paid the Louvre $525m for the rights to the name, and are paying another $800m for access to the Louvre's back collection.
It may be a "questionable" da Vinci but right now it's also the second most famous Da Vinci in the world (probably; Head of a Woman might be up there, too, and it's also considered "generally accepted" as da Vinci). And they're already calling it the "male Mona Lisa."
There was speculation that Liu Yiqian, a Chinese billionaire and co-founder with his wife of the Long Museum in Shanghai, may have been among the bidders. In recent years, the former taxi-driver-turned-power collector has become known for his splashy, record-breaking art purchases, including an Amedeo Modigliani nude painting for $170.4 million at a Christie’s auction in 2015. But in a message sent to a reporter via WeChat, a Chinese messaging app, Mr. Liu said he was not among the bidders for the Leonardo.
On Thursday morning, soon after the final sale was announced, Mr. Liu posted a message on his WeChat social media feed. “Da Vinci’s Savior sold for 400 million USD, congratulations to the buyer,” he wrote. “Feeling kind of defeated right now.”
I'm betting it's not a hedge. It's a tourist attraction. Mark my words.