I've collected art since around 1986, my wife is an artist. We own maybe 30 or 40 works from artists other than hers, never counted them. We've spent (for us anyway) considerable amounts for works we fell in love with and although we have sold some over the years, to make room for new works, most we still have and enjoy.
All that to say that, in my experience, as in music and sports, there is a very steep and exponential hierarchy in art values: 90% of artists cannot make a living from what they create, 9% do ok, and the top 1% are valued at 100 or maybe even 1000 times what all the others are, combined. Kind of like how Messrs Musk, Gates, Arnnault and Bezos have net worths in the stratosphere compared to us here. It's the way of the world, no real rhyme or reason to it.
So, if a gazillionaire wants to compete on the latest hot piece of art, he (usually he) will have to bid high. Like sports clubs bid in the hundreds of millions for, a hot soccer player.