I think there is something more to why the wealthy buy art besides just the intrinsic artistic value of it. In my mind I compare it to how in the past a person

I think there is something more to why the wealthy buy art besides just the intrinsic artistic value of it. In my mind I compare it to how in the past a person would gain status by wielding a certain sword, or by wearing a certain crown. I think it could be similar to art -- who has previously owned the piece, or who created it could be a huge part of its value. I also think there is something to it being a sort of currency/store of value that can be exchanged outside of the normal currency system. Maybe it is to avoid taxes, or to have a record of a shady transaction