Earlier quoted context omitted.
This is the kind of conspicuous consumption that used to get people beheaded or shot in revolutions. It's an obscenity.
This is not consumption at all. A painting is probably a few hundred $ worth of materials perhaps a couple of hundred hours labour tops. The average person probably wastes/consumes more rubbish in a week or two. This is a rich person not consuming if anything.
"Conspicuous consumption" refers to the practice of spending money purely to demonstrate your ability to spend money. Don't be obtuse.