Has $ ruined Art? Is that even a question.

In a recent NYMag article, the author raises the above question (and in typical NYMag fashion, the headline is more informed and well crafted than the subsequent commentary) - has money ruined art?

While the remaining words provide little in the way of intellectual curiosity and or commentary, beyond rehashing the the past months gallery shows and the expected industry names, the fact remains that there is too much money in New York at the moment and this is evident in the fact that poorly conceived, poorly crafted objects continue to demand ridiculous prices.

While the value of any commodity is determined in the free market, what boggles my mind is that unlike an ounce of gold or a gallon of gasoline, the value of art is determined by pure subjective taste - bad taste in my opinion - not its actual function (but then i'm not buying or bidding on these objects anyway). So let the home decorators rule the roost (pink paintings to go with pink couches), let the hedge fund managers dictate artistic values (that which demands money commands money) - and let us continue to worship a value system clearly made up of dollar bills.