Diddy disappointed after losing Picasso bidding war

P Diddy was saddened after being outbid on a $1.2m Pablo Picasso painting.

The 45-year-old mogul, who has an estimated fortune of $700m, reportedly made "a beeline" for a 1918 fresco titled 'Venus,' which features a woman standing in a half shell and with a cupid to her left, at the annual Art Basel fair in Miami at a VIP preview on Wednesday.