How much do you charge for art?

This past week the Sherpa! team attended the TechBridge 2008 Digital Ball. TechBridge's Digital Ball celebrates the spirit of philanthropy in the technology community. Funds raised from the Digital Ball support technology services that TechBridge provides to area nonprofits.

At several points in the evening, a painter -- flown in from we think Italy by his accent -- would paint with his hands, sponges, and even a broom while rock music played in the background. He repeated this four times. In all he painted for about 12-15 minutes that evening. The paintings were of Marilyn Monroe (and strikingly similar to Andy Warhol's version), John Lennon, Martin Luther King Jr., and then Albert Einstein. They were then auctioned off for $1800 - $6500. The emcee referred to the painter as a "master."

We respect the cause, and even helped bid up the price on the Einstein painting (he painted it upside down first), but being designers as well, we did pause at the auction amounts. Does 15 minutes of creation equal over $10,000 in valuation (even if for a good cause)? And, is throwing paint 3 or 4 colors of paint on a wall to create recognizable celebrity faces considered art?