Should art have a price?

As we have been studying the Arts as an area of knowledge in TOK, the question ‘should art have a price?’ keeps popping into my head. I am not saying that people shouldn’t sell their art but more why do people buy other people’s art. Art to me is completely and utterly subjective. The subjectivist view states that there is nothing intrinsic in art itself that makes it good or bad but that it is according to the observer. I agree with this. Most of the art that I like has things I like in it, such as flowers or complementary colours. It is a matter of personal taste so what I fail to understand is why people pay so much for certain pieces of art?! Nude, Green leaves and Bust which sold for $106 million! Aren’t people buying paintings like these because they know certain people think they are beautiful? Who is to say that a work by Picasso is more beautiful than a talented Christ’s hospital student’s? No one. Beauty lies in the eye of the beholder so why don’t we all appreciate art that we actually think is beautiful instead of what other people think.