I think it'll continue as long as high-end artworks are financial instruments. There is a lot of money invested in the idea that a painting by X well-known artist is worth millions and will continue to be worth millions.
That said, the art market is currently way down, and just anecdotally I feel like a lot of New Money (especially tech money) isn't that interested in art as much as the previous rich oligarchs were, so it may simply become less popular over time.
That said, the art market is currently way down, and just anecdotally I feel like a lot of New Money (especially tech money) isn't that interested in art as much as the previous rich oligarchs were, so it may simply become less popular over time.