Art Prices

I found the interview (Freakonomics Blog + Olav Velthuis + David Galenson) about the price paid for Lucian Freud's 'Benefits Supervisor Sleeping' interesting/insightful.
http://freakonomics.blogs.nytimes.com/2008/05/23/what-does-336-million-mean-in-the-art-world/

'To put it mildly, it is striking that art still fetches these record prices. I had expected the art market to collapse even before the financial crisis started. Of course, what’s difficult about prices for art is that they have no 'fundamental value,' unlike, for instance, real estate prices or stocks.'
- Olav Velthuis

How true!