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.
As mentioned above the price of art is likely influenced by inflation greatly. Also I don't think people use art as a store of value because it is so illiquid meaning if a lot of it is to be sold at once then they will experience a lot of slippage.