The cartoonist Georges Remi, who goes by the name Hergé, painted the painting in 1936 in order to use it as a cover for the comic book "Blue lotus", according to the auction house.
However, the painting was rejected by Hergé's publisher, who instead chose another image where the red dragon was replaced by a black one against a red background.
The rejected image was then given away as a gift.
The painting was bought by a private collector, according to the auction house.