I've always had a sneaking admiration for the so-called artists for their ability to essentially scam these elites by charging half a million bucks for a blue dot on an orange field or a dingy handkerchief with their own mucus in it placed on a plate.
For the elites, it's money well spent to confirm their superiority:
The art world is run like a banana republic. It’s structured into highly stratified classes. On top, a few plutocratic overlords, catered to by bureaucracies of remora-like functionaries and lackeys, holding sway over struggling supplicant masses of creative hopefuls, all theoretically revolving around the production and presentation of the product Art.
The focus of the rulers is not on the art itself. Their purpose is assimilate status, influence and power. Art is just a vehicle for their self-importance. To gain the favor of their masters, opportunistic followers are made to understand to advance anywhere within this system, certain rules must be obeyed, or certain criteria met.
Which is rather pathetic, really.
Do read it all.
Or you can watch this episode of Bosom Buddies ("How Great Thou Art").
"It's the flag of Japan!" is a priceless line that fully explains the whole modern art phenomenon.