Basquiat's Untitled, sold for 57 million in 2016
Any valuable object, in order to appeal to our sense of beauty must conform to the requirements of beauty and expensiveness both. This cannon of expensiveness also affects our tastes in such a way as inextricably to blend the mark of expensiveness… with the beautiful features of the object and to subsume the resultant effect under the head of an appreciation of beauty simply. — Thorstein Veblen, The Theory of the Leisure Class.
My piece for The Miami Rail here.