I had a follow up submission on the mechanics of art world which imho is even more interesting/informative in terms of art and its production and institutionalization which may interest you:

https://news.ycombinator.com/item?id=28946017

Here is a taste of Judd’s fantastic rant:

“Panza is also like Thersites (Book II). Nothing stops him or shames him. But also Panza is typical of the situation in art. The other wholesale collectors are not going to understand my objections. Many supposedly interested in art are not going to understand. I think the situation has declined so far that even many artists will not understand, as can be foretold by their work. Panza, many, have no respect for art, the artists, for the integrity of the activity. Panza’s only purpose is to be a rich big shot.This is in art because he thinks it’s a soft spot in the society, an easy place for a soft predator, a foggy swamp full of willing victims and lots of clear loopholes.”