He's not used to losing! P Diddy 'misses out on $1.2 million Picasso painting'

P. Diddy had a disappointing time at a VIP art preview this week. 

At the Miami based Art Basel event, the 45-year-old music mogul was reportedly seen eyeing up a fresco piece, titled Venus at the booth of Zurich-based Galerie Gmurzynska.

Unfortunately for Diddy, when he returned with Swizz Beats and Tommy Hilfiger for another look, the painting had already gone to hotelier Vikram Chatwal for $1.2 million, according to ArtNetNews.

The star, who is likely used to getting what he wants, was seen mingling with other art lovers at the Miami Beach Convention Center on Wednesday including Baz Luhrmann - the director behind the event.

As a consolation, Diddy spent $95,000 on a 2011 Tracey Emin neon from the Lehmann Maupin Gallery.

According to The Hollywood Reporter, the piece by the British artist spells out, in bright lettering, 'I Listen to the Ocean and All I Hear is You.' 

The art in question: At the Miami based Art Basel event, the 45-year-old music mogul was reportedly seen eyeing up a fresco piece, titled Venus at the booth of Zurich-based Galerie Gmurzynska

 

Too quick: Hotelier Vikram Chatwal snapped up the piece titled Venus for $1.2 million

New acquisition: Diddy dropped $95,000 for this piece by British artist Tracey Emin

On the hunt: Leonardo DiCaprio was one of many big name stars taking in the VIP exhibit at the Art Basel event in Miami