In 1993, CBS 60 Min­utes jour­nal­ist Mor­ley Safer ruf­fled a few feath­ers in the art world with a piece called “Yes…But is it Art?” The pro­gram fea­tured works made up of things like vac­u­um clean­ers, emp­ty canvases–even a can of human feces, which the artist had labeled “Mer­da d’artista.”

On Sun­day, Safer returned with a report on the excess and hubris of the inter­na­tion­al art mar­ket. The seg­ment (above) was taped in Decem­ber at Art Basel Mia­mi Beach, a gath­er­ing billed as “the most pres­ti­gious art show in the Amer­i­c­as,” where exhibitors pay $150,000 to show their wares to a clien­tele of mil­lion­aires and bil­lion­aires who fly in for the event on pri­vate jets.

Safer­’s report, “Art Mar­ket,” is more an exer­cise in social crit­i­cism than art crit­i­cism. Nat­u­ral­ly some peo­ple took it per­son­al­ly. “Now that Andy Rooney has gone up to that big grumpy­cham­ber in the sky,” wrote Stephanie Murg on the Media Bistro “UnBeige” blog, “Mor­ley Safer has tak­en over the role of iras­ci­ble clean-up hit­ter for the dod­der­ing team of Bad News Bears that is 60 Min­utes.”

In a piece on the “Arts Beat” blog head­lined “Safer Looks at Art but Only Hears the Cash Reg­is­ter,” crit­ic Rober­ta Smith called Safer­’s return vis­it to the art world “a rel­a­tive­ly tooth­less, if still quite clue­less, exer­cise”:

Mov­ing down the aisles he uttered some dis­mis­sive phras­es like “the cute, the kitsch and the clum­sy” while the cam­era passed often incon­se­quen­tial work that was left uniden­ti­fied. Men­tion was made of per­for­mance and video art. Occa­sion­al­ly he mus­tered fee­ble attempts to be recep­tive. There was a respect­ful pause in the asper­sions as the cam­era passed a can­vas by Helen Franken­thaler, although her name was not men­tioned. Kara Walk­er was referred to as a “tru­ly tal­ent­ed artist.” At the Metro Pic­tures booth it was hard to know whether he liked the work of Cindy Sher­man, but he not­ed that her pho­tographs sold for $4 mil­lion (gloss­ing over the fact that only one did).

At one point on Safer­’s stroll there is a chilly encounter with art deal­er Lar­ry Gagosian, who has gal­leries on three con­ti­nents.

“At least say hel­lo,” says Safer.

“Hey Mor­ley,” says Gagosian, with­out get­ting up from his chair or offer­ing the 80-year-old man a seat. “You always look so dap­per. I love that.”

Regard­less of whether you love the art Gagosian sells at his gal­leries in Bev­er­ly Hills, Paris, Gene­va and at least eight oth­er cities around the world, you have won­der at the eco­nom­ic real­i­ty Safer­’s report expos­es. At a time when unem­ploy­ment in Amer­i­ca is still well above 8 per­cent, when more than one in five mort­gage hold­ers have neg­a­tive equi­ty in their homes, when the top one per­cent of the pop­u­la­tion is pock­et­ing 93 per­cent of the gains from a glacial eco­nom­ic recov­ery, Safer­’s piece does what a work of art should: it opens the eyes.

Safer­’s 1993 report: