Te Papa pays $3.1m for McCahon painting

Te Papa is paying $3.1 million - believed to be a record price for New Zealand art - for an iconic Colin McCahon painting.

The sale means McCahon's Walk (Series C) 1973, a 12m-long series of panels depicting a walk along Muriwai Beach, will be available for public viewing after years in private ownership.

National Museum chief executive Seddon Bennington said the painting would go on show from October.

The record price has sparked concern that the taxpayer is paying too much for art and inflating prices.

But a publicly funded overseas institution is understood to be on the verge of paying nearly $4 million for another privately owned McCahon.