Italy buys Caravaggio painting of future Pope for about $35 million, one of its largest payouts for a single work

ROME — 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...