Jay-Z proclaimed in Watch The Throne: "Basquiats, Warhols serving as my muses/ My house like a museum."

Recently the hip-hop deity and art aficionado took his well-documented love for Jean-Michel Basquiat to the next level, buying a portrait of the artist entitled "Holy Grail" made by none other than Swizz Beatz for the Children’s Cancer & Blood Foundation.

The artwork was inspired by William Coupon's iconic photograph of Basquiat.

via Instagram

The star-studded exchange was documented on Swizz' Instagram with the enthusiastic caption "ART LIFE!!! I will use proceeds to continue helping kids in need." Basquiat is portrayed in all his eclectic glory atop the hood of a Mercedes Benz.

We have to say we're impressed by the quality of Swizzy's work, not that we're surprised. Beatz previously collaborated with spot-happy Damien Hirst on a series of spin paintings and even expressed plans to open an art gallery of his own.

Swizz was seen earlier this year at a Basquiat sale at Sotheby's. The hip-hop mogul told Rachel Corbett at Artspace: "Someday this will all be for me, but I gotta earn it first.”

What do you think of Jay's new wall candy? Let us know your thoughts in the comments.

Also on HuffPost:

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  • Ross purchased a 20120 Richard Mosse photograph titled "Love is the Drug" from the Jack Shainman Gallery booth at the main fair. Ross later performed next door to the fair with Meek Mill and Wale on the evening of the Vernissage.

  • Diddy was all over Miami this weekend, from VIP day at the main fair to surprising fans at a Rick Ross show. Diddy <a href="http://instagram.com/p/S4HPERJlyA/">Instagrammed a shot of himself contemplating a Basquiat</a> and purchased an <a href="http://blogs.artinfo.com/artintheair/tag/p-diddy/">Ivan Navarro sculpture from Paul Kasmin Gallery</a>. <a href="http://blogs.artinfo.com/artintheair/2012/12/07/usher-buys-a-louis-vuitton-waffle-maker-as-new-fair-the-miami-project-sees-strong-sales/">He also purchased</a> two gold-drenched flag paintings by Andrew Schoultz from the booth of San Francisco’s Marx & Zavattero. Good taste, Diddy!

  • Kim Kardashian and Kanye West attended the Dom Perignon Luminous Rose at Wall at W Hotel, as well as the opening of OHWOW exhibition 'It Ain't Fair.' Kanye also stopped by TERRYWOOD and supported Pharrell's art talk at Design Miami.

  • Pharrell had a busy week in Miami hitting up the VIP opening of the main fair, Chanel + Art.sy's party, TERRYWOOD and Moncler's 60th anniversary party. He also participated in a talk with Craig Robbins at Design Miami and held a book signing for his new book "Pharrell: Places And Spaces I've Been."

  • Jay-Z and Beyoncé made an appearance Friday night at the release of 'JR & José Parlá: The Wrinkles of the City, Havana, Cuba', at The Standard. Twitter approved of Bey's floral romper.

  • Usher probably wins for most ridiculous celebrity purchase of the week, <a href="http://blogs.artinfo.com/artintheair/2012/12/07/usher-buys-a-louis-vuitton-waffle-maker-as-new-fair-the-miami-project-sees-strong-sales/">grabbing Andrew Lewicki’s “Louis Vuitton Waffle Maker</a>” (2012). Yes, you heard that right, and it really makes waffles.

  • A$AP Rocky performed at Playboy + The Hole's opening party at the Delano hotel.

  • Kelly Rowland and Beyonce checked out the Contemporary Art Fair on Sunday and Instagrammed their art perusing for all to see.

  • Azealia Banks showed her support for Hollywood photographer Terry Richardson by performing at his Terrywood fête at the Standard Hotel.

  • Rapper Danny Brown performed with none other than Shepard Fairey at a VIBE & BlackBook party. The freaky Detroit musician teamed up with the HOPE poster artist and amateur DJ for a performance that only ABMB could bring.

  • BONUS: Controversial singer and <a href="http://www.huffingtonpost.com/2012/11/25/chris-browns-vulgar-twitter-attack-on-jenny-johnson-comedy-writer_n_2188841.html">self-destructive tweeter</a> Chris Brown wasn't concerned about seeing other artists... He had his own! Brown displayed a painting of his own creation alongside artists like Ron English at Basel Castle. <a href="http://www.chrisbrownworld.com/us/news/chris%E2%80%99-art-showing-basel-castle">He said of the work</a>: "Graffiti exemplifies the many types and colors of art, music and fashion that I love and how I express myself."