text by BILL POWERS photographs by SANTE D’ORAZIO Where money is no object, art remains the ultimate status symbol, and the Hip-Hop world has started buying big time. Master rapper JAY Z discusses this new trend with contemporary art luminary DAMIEN HIRST. In the video for “Blue Magic,” Jay Z’s first single off his new album, American Gangster, the rapper momentarily performs in front of a large Damien Hirst spin painting. Over the last few years Jay has developed a serious interest in contemporary art, popping up at Richard Prince dinners, and attending the Art Basel Fair in Miami. So when we heard that Hirst was in New York to mount an exhibition at Lever House, we thought it would be fun to get the two moguls together. Both men grew up in fatherless homes, share a deep love of music, dabble in fashion, and are worth a couple hundred million…