New Delhi, March 12 -- Italy has bought a rare portrait by baroque painter Caravaggio for 30 million euros (about $35 million), one of the largest state investments ever for a single artwork, the country's Culture Ministry said Tuesday.

The portrait, painted around 1598 and attributed to Caravaggio in 1963, depicts Maffeo Barberini, a nobleman who later became Pope Urban VIII.

The painting was acquired from a private collection by the Italian state after over a year of negotiations and will now enter Rome's Palazzo Barberini permanent collection.

"This is a work of exceptional importance," Culture Minister Alessandro Giuli said in a statement, noting the painting was a turning point in Caravaggio's modern rediscovery and its purchase h...