http://news.yahoo.com/record-breaking-contemporary-art-103321463.htmlThe proper way to read pieces like this is to understand that the price of art is difficult for governments to manipulate unlike gold, fiat, or even crypto to some extent. The rich are parking their money in art not as an investment but just as a place to hold value. When the price of art is rising, understand that the art isn't necessarily getting more valuable but its price in fiat is changing as a hidden sign of inflation.
I doubt that art prices are a good general measure of inflation. Inflation has an influence for sure, but speculation is a more important factor, because the magnitude of price increases for this specific investment are too excessive to be explained by inflation alone. I think contemporary art is ultra high risk to invest in, because taste can change easily and the market is very small in terms of potential market actors (buyers).
If you want a good indicator for general inflation look at commodity prices.
ya.ya.yo!