Art and the Batshit who Buy It

Contrary to what that title suggests, I actually love art. Art's a fantastic thing that societies need to beautify and enlighten themselves. Social qualities aside, art is being sold for entirely too much money right now. In a Christie's Auction, a Warhol piece sold for 71.7 Million dollars American. This comes close to, but does not surpass, the record set by the sale of a Rothko canvas which sold for 72.76 million dollars. Maybe it's just me and my infinite cheapness, but doesn't that seem kind of high for a piece of art, a piece that may conceivably have no greater connection to the artist other than the fact that their name MAY be on it? I don't think that anyone, even the best salesman on Earth, could convince me to shell out 70+ million dollars on one thing! The fact that people are buying things at these sorts of levels blows my mind.