The point that you really nailed there, especially in regards to the blank canvas or banana canvas artwork, is a lot of the high end art world (and the value associated with the art works) is a money laundering scheme. In a lot of cases "overinflated" art prices are actually just a way of moving money from point A to point B while keeping the facade of legitimacy. It's not about arts objective or even subjective quality or value, it's about circumventing tax and law entities.
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And that's just results from a cursory google search.