I think he makes good points about an art bubble, one of many bubbles of this era. Auction houses are there to make money, and what they do should always be considered in that context.
However, I’m not convinced that galleries, which are commercial enterprises, should have been setting standards on artistic merit in the first place. Museums tend to do a better job of that.
In the long term, I think it’s better not to have guidance for art collectors. Collecting should be more of a personal affair, where people buy art that speaks to them, not art that is considered superior by experts. Collecting should be a more emotionally intimate experience.
Maybe the inevitable bursting of the bubble will move things more in that direction as well.