Diddy Spends $21.1M, Most Ever Paid For Painting By Living African......

Music mogul Sean ‘Diddy’ Combs paid $21.1 million for “Past Times,” a painting by Chicago artist Kerry James Marshall, ending speculation about who bought the record-breaking artwork at auction.

The winning bid is reported to be the most ever paid for the work of a living African-American artist, according to the New York Times.

The painting tells a story centered on black experiences, and it’s a monumental work, the Times reported. The acrylic and collage on canvas measures 9 feet 6 inches by 13 feet.

The Metropolitan Pier and Exposition Authority, which owns Chicago’s McCormick Place, paid $25,000 in 1997 to acquire the painting. Millions of visitors passed the painting where it hung for decades by the main entrance to the South Building of the largest convention center in North America.

“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 Jack Shainman, who has represented the artist, Marshall, since his first gallery show in 1993.

“Past Times,” a painting by Kerry James Marshall, sold for $21.1 million on Wednesday to the music mogul Sean “Diddy” Combs. Credit: Sotheby’s

The painting was sold Wednesday at Sotheby’s. The dealer said Combs was introduced to the painter’s work by recording artist and record producer Swizz Beatz, also an avid art collector with his wife, Alicia Keys.

Marshall is a rising star in the museum world and a local hero in Chicago, the Times reported.

Until February 2017, the most expensive auction sale for a living African American artist was David Hammons’ basketball chandelier, which sold for more than $8 million (including fees) in 2013, according to Artnet. Hammons ranked No. 10 in the Top 10 Most Expensive Living American Artists of 2016.

No. 1 on the same list was Jeff Koons, who sold “Balloon dog (Orange)” in 2013 at Christie’s New York for $58.4 million.

David Hammons Untitled (2000) sold in 2013 at Phillips New York for $8 million.

Work by under-recognized living African American artists is attracting newfound interest among collectors, according to Culture Type, a platform that explores art by and about people of African descent including conducting original research and reporting.

In early 2017, Culture Type assessed the state of art by black artists, reporting record sales and multi-million dollar prices.

Culture Type ranked the most expensive art pieces at auction among living African American artists for the top 25 lots from 2014-2016 — the highest price achieved by each artist during the period.

The prices listed below may not represent an artist record —  artists may have sold a more expensive work in previous or subsequent years. Kerry James Marshall ranked No. 7 on this list. 

“Despite the new benchmarks, this sector of the market arguably remains undervalued,” Victoria L. Valentine wrote for Culture Type.