Miley Cyrus -- Hey, Alec Monopoly ... My Leg Is Your Canvas

Legendary graffiti artist Alec Monopoly is used to displaying his work on large objects, but now he has downsized ... to Miley Cyrus.

The two were hanging out this weekend in Miami during Art Basel when he decided to draw on Miley's right leg. Nothing crazy ... just his name.

And you gotta hear Miley ... she sounds, well, like she's having a good time.

Pics of Miley later in the evening show he may have gotten a little more creative on her left leg ... though it's hard to say.

Assuming Miley showers, that should wash off just fine.