Yan attributed the local visitors' passion largely to the exhibition of his collection of masters' works, especially the works of Picasso.

He has more than 40 pieces of Picasso, covering the artist's oil paintings, sculptures, ceramic plates and pen and ink drawings.

The collector has a private museum in Nanjing named after his company.

The museum is said to have the biggest collection of Western art among private museums in China.

When the first Nanjing International Art Festival was held, an investment of 3 billion yuan ($484 million) for the project's annual operation for six years was announced by Yan.

Media reported it as the largest art festival supported by private funds last year.

This year, Yan and his company have invited a team of experts including leading curators and art teachers to guarantee the quality of the art festival, which will be turned into a biennial event after next year.

Yan hopes to develop the festival in concert with the growth in contemporary Chinese art.

"Maybe something like the Venice Biennial," he says.