The 20-year-old singer, who bought the expensive painting last week, is apparently a huge fan of art, reported Daily Star.
"Harry's a big fan of art and sees it as a good way to make money. Rather than splurge, he thinks it's a smart investment," a source said.
"He already has a collection worth 150,000 pounds 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," the source added.