Ever since the sale at Sotheby’s on Wednesday night of “Past Times,” a monumental painting by Kerry James Marshall with a narrative centered on black experiences, many people have been speculating about which collector or museum might have placed the winning $21.1 million bid. The sale was an auction high for Mr. Marshall, and it was widely reported to be the most ever paid for the work of a living African-American artist.

“We weren’t the buyer, but wish we were,” Joanne Heyler, the founding director of The Broad, said when asked if the new buyer was her boss, Eli Broad.

On Thursday night, Jack Shainman, Mr. Marshall’s gallerist and dealer in New York, told The Times that the buyer was Sean Combs, the entrepreneur, fashionista, Grammy Award-winning record producer and subject of the documentary “Can’t Stop, Won’t Stop: A Bad Boy Story.”