As per crypto, it's slightly different though isn't it. Beyond the commodity price, gold has value in that it's a useful material. Even if the price of gold crashed to $0, somebody would still want to buy it because it makes for aesthetically pleasing jewellery and it's useful in electronics.
Art represents sometime's time, skill and thought, and at the end you get something phyiscal that holds physical value, even if just for the cost of the canvas it sits on, and price often reflects its scarcity. These have no time or skill, and with a lot being reproductions (that I've seen) there's no thought either, and in the case of these "CryptoPunks" there's 10,000 of them...
And there is no way in real life that these pieces of art - painted, printed or otherwise - would command these insane prices unless it was by a famous artist. That's the thing. If they were a few hundred dollars even, sure, but you can buy a Banksy for these prices.
