You know, which art people choose to buy and how much they choose to pay for it never really bothers me (beyond the slap-in-the-face of knowing there are people who can drop millions on one small luxury commodity...) People can buy whatever they want, that's their business. What bothers me is the way the Sotheby's/Christies crowd and their ilk treat art as an "investment" with apparently no thought for the actual art.
That's not inconsistent with how people tend to treat other investments. I've got some money in stuff, it slowly generates more money, but for all I know it could all be supporting an orphan sausage farm off the coast of Newfoundland.
As for abstract, there's some I like and some I don't. I'm thinking of playing around with 'em myself because why not?