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Bad Boy Records CEO Diddy is all about the Benjamins when it comes to fine art. The hip-hop mogul reportedly threw down $21 million on a rare painting.

New reports claim Puff Daddy pulled through for a private event this week for African American artist Kerry James Marshall‘s “Past Times” piece.

On Thursday night, Jack Shainman, Mr. Marshall’s gallerist and dealer in New York, told The Times that the buyer was Sean Combs, the entrepreneur, fashionista, Grammy Award-winning record producer and subject of the documentary “Can’t Stop, Won’t Stop: A Bad Boy Story.” “I know that this work has found a home in a collection with purpose and an eye toward preserving legacy — that of Sean Combs, and that means a lot,” said Mr. Shainman, who has represented Mr. Marshall since his first show at the gallery in 1993. (New York Times)

Rap producer and art collector Swizz Beatz is largely responsible for Diddy’s presence at the event.

The dealer said Mr. Combs was introduced to the painter’s work by a friend and sometime musical collaborator, the hip-hop recording artist and record producer Swizz Beatz. Swizz Beatz — who is performing this Sunday at The School, Mr. Shainman’s gallery in Kinderhook, N.Y, — is an avid art collector with his wife, Alicia Keys. (New York Times)

Kerry James Marshall has extensive ties to the Chicago area.

The painting, Past Times, depicts black Americans picnicking, waterskiing and listening to music in a Chicago park. Marshall is known for painting scenes of African-American life. He was born in Alabama, and grew up in south central Los Angeles before moving to Chicago. The artist received a MacArthur Foundation genius grant in 1997, and previously taught at the University of Illinois at Chicago. (BBC UK)

#kerryjamesmarshall Handsome Young Man.

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