Disposable Income

On February 9th, 7.29 million dollars spent on a painting. Was it a van Gogh, Picasso, Monet, or even a Warhol? Nope. It was a Freud. Sigmond Freud? Nope again. Lucian Freud. I personally have never heard of him. But then again I am not an art connoisseur. Although recently I discovered an urban artist who's work I like very much. His name is Justin Bua and my favorite piece is "El Guitarrista" (gift idea anyone).

What is the painting of that makes it so valuable? A nude of Kate Moss, the waif model popular in the 90's, holding her baby. Wow, it must be good.

What kind of disposable income must one have to be able to buy a painting for $7.29 mil?

Knowing that there are millions of people suffering around the world from hunger, natural disasters, terrorism, etc., what kind of mindset must one have to ignore that for the pleasure of a nice painting?

Sorry for all the questions but it is something that I can not comprehend.