How Expensive is Too Expensive?

With paintings and sculptures being purchased for astronomical prices these days, one has to ask the question: how much is too much? More importantly, have we already surpassed this? The answer, in my opinion, is probably. $135 million for a painting is an astronomical price for something that is simply hanging on your wall, making only an aesthetic contribution. In comparison, the most expensive car ever purchased at auction was a 1965 Shelby Cobra Coupe for $7.5 million. A hefty price, yes, but not even in the ballpark of $135 million. A car, it can be argued, is functional art and can be driven to work, raced, or sit as a showpiece. As an economics major, it is amazing to me that the market for art has created such prices for its most distinguished pieces.