The Guardian’s Jonathan Jones offers a remarkably clear-sighted and detached assessment of the confusion of artistic value and market value:

Art has been a luxury good ever since people started to make “art” as such, and artists have been getting big money for centuries. If I say that Raphael was just as mercenary as Jeff Koons, a few answers are possible. One might be that he deserved his money and Koons does not: another might be that Raphael was more grasping than other artists in his time – but Michelangelo and Titian got just as rich. Another answer is that even the fortunes of these artists pale in comparison with contemporary artistic profits.

The last argument, that art’s relationship with money today is more out of control than it ever was, makes little sense. Money itself is different. The economy is larger. The fact is that great artists in the past could earn sums that shocked their contemporaries just as they can today. Making a fortune from art is making a fortune from art.

The only honest reason to be disgusted with today’s highly paid artists is that you believe their art is not worth the money. Thus opponents of conceptual art are not really appalled that a Koons makes so much money, but that he gets so much for doing what they perceive as so little. It is an argument about artistic quality disguised as an argument about morality. But some people can’t see why painters should be paid, either. A footballer opined on the Guardian site last week that a Lucian Freud painting, although he liked it, wasn’t worth the money paid for it. Er, how much do football players make again?