I've linked other stories related to the "decline of art world at the hands of tasteless capitalist swine" but here's yet another take relating it to the topic of this thread
where company valuations used to be concerns that were tertiary to their identity, how much a company is worth now defines it. This change looks an awful lot like what has happened in the world of art. Later this week, for example, artists, curators, gallerists, and buyers will assemble at the blingiest of the art world’s annual big-money fairs, Art Basel, in Switzerland. The wealth on display, and the market’s influence on how the work is received, has become, over the decades, a permanent feature of the event.