Jean Baudrillard has some thoughts about private art

It may seem strange to be analyzing the ideological process somewhere other than in the traditional, political or cultural sanctuaries. But the point is precisely that the market for paintings and the auction sale of the work of art permit us to decipher the articulation, and thus the process, of ideological labor because they are situated in the contexts of economic power and the cultural field. The auction, this crucible of the interchange of values, where economic value, sign value and symbolic value transfuse according to the rules of the game, can be considered as an ideological matrix — one of the shrines of the political economy of the sign.

It is a question of decoding the birth of the sign form in the same way that Marx was able to uncover the birth of the commodity form in the Critique of Political Economy. In consumption generally, economic exchange value (money) is converted into sign exchange value (prestige, etc.); but this operation is still sustained by the alibi of use value. By contrast, the auction of the work of art has this notable characteristic: that economic exchange value, in the pure form of its general equivalent, money, is exchanged there for a pure sign, the painting. So it is an experimental terrain, simultaneously collective and institutional, for separating out the operation of this sign value.

The decisive action is one of a simultaneous double reduction — that of exchange value (money) and of symbolic value (the painting as an oeuvre) — and of their transmutation into sign value (the signed, appraised painting as a luxury value and rare object) by expenditure and agonistic competition.

In expenditure, money changes meaning. This fact, established in the auction, can be transferred as a hypothesis to the whole sphere of consumption. The act of consumption is never simply a purchase (reconversion of exchange value into use value); it is also an expenditure (an aspect as radically neglected by political economy as by Marx); that is to say, it is wealth manifested, and a manifest destruction of wealth. It is that value, deployed beyond exchange value and founded upon the latter’s destruction, that invests the object purchased, acquired, appropriated, with its differential sign value. It is not the quantity of money that takes on value, as in the economic logic of equivalence, but rather money spent, sacrificed, eaten up according to a logic of difference and challenge. Every act of purchase is thus simultaneously an economic act and a transeconomic act of the production of differential sign value.

Certainly in everyday consumption the specific (and fundamental) aspects of the auction are largely effaced: the direct experience of competition, the challenge, the agonistic community of peers, etc., which make it such a fascinating moment, the equivalent of poker or the fête. But behind the purchase (or individual reappropriation of use value) there always remains the moment of expenditure, which even in its banality presupposes something of a competition, a wager, a challenge, a sacrifice and thus a potential community of peers and an aristocratic measure of value. Let us not be mistaken: it is this, and not the satisfaction of needs, that occasionally turns consumption into a passion, a fascinating game, something other than functional economic behavior: it becomes the competitive field of the destruction of economic value for the sake of another type of value.

The Art Auction

They treat them like money laundering and tax dodging vehicles.

High art chunko pops but they're subversive

It's just showing off the exclusivity