Why is art so expensive?

Last week, a 1986 sculpture by Jeff Koons sold for $91.1 million at Christie’s, setting a new record for the most expensive work sold by a living artist. The sculpture, a large, silver reflective rabbit, was purchased by gallerist Robert Mnuchin, a former Goldman Sachs partner, founder of the Mnuchin Gallery in Manhattan, and father of Treasury Secretary Steve Mnuchin, on behalf of an anonymous client. via