Reports are flying around London that Harry Stiles of One Direction was the buyer of a Basquiat. The music press has the story a little garbled citing a work bought for £2.8m. Unfortunately, no Basquiat traded for that sum and the one that came closest was sold to Olyvia Kwok. So this untitled work that sold for $2.8m is the likely candidate.

Now some would say that adolescent pop stars buying Contemporary art is a bad sign for the market. But it is no worse than the other celebrities who have been flaunting their art purchases:

I’m told Harry bought the picture – similar to the one right – by late Haitian-American artist Jean-Michel Basquiat – at famous auction house Christie’s last week.

Harry, worth an estimated £25million, was introduced to the cult artist by Jay-Z.

My source said: “Harry’s a big fan of art and sees it as a good way to make money. Rather than a splurge, he thinks it’s a smart investment. “He already has an art collection worth about £150,000 but that’s nothing compared to this purchase.

“Harry’s really smart when it comes to money. He wants to invest his cash and Jay-Z advised him to buy art.”

Harry Styles splashes the cash spending £3million on a painting! (Daily Star)