When I say it then you see, it ain't only in the music
Basquiats, Warhols serving as my muses
My house like a museum so I see 'em when I'm peeing
Usually you have this much taste you European
That's the end of that way of thinking, nigga never again
from Kanye West (Ft. Jay-Z) – Illest Motherfucker Alive Lyrics on Rap Genius
Jean-Michel Basquiat (mentioned in “That’s My Bitch”) and Andy Warhol were two iconic American artists of the post-expressionist and pop art movements respectively. Basquiat was a Warhol protege, as well as one of America’s most prominent black artists, with a style that owed something to graffiti culture
Warhol was as much a mogul as an artist, known for his numerous media ventures aside from the canvas (TV, film, literature)
Warhol was shouted out by Jay-Z previously. This upscale name-dropping (like his shout-outs to Rilke and Plato) is meant to present Jay-Z as a man of great taste and discernment, and not just a common thug and ex-dealer
Basquiat:

Jay is also trying to end the stereotypes that associated with young black men and rappers, Most of the album alludes to the fact that black people can cross the barriers of the old mentality that has plagued them. Kanye also alludes to in “Murder to Excellence”:
In the past if you picture events like a black tie
What the last thing you expect to see, black guys?
In other words, since taste is subjective, black people are not limited to just one kind (rims, cars …etc.). We can be just as cultured as someone who’s from Europe or anywhere else
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