Three Cases of Value Reflection: Ponge, Whitten, Banksy (2021) Banksy, Love Is in the Bin, 2018, aerosol paint, acrylic paint, canvas, board, 40 x 31 x 7''. Photo: Jack Taylor/Getty Images. Isabelle Graw, ISABELLE GRAW’S oft-cited 2009 book, High Price, which explores art’s economy of fame and prestige as the prototype for creative labor under capitalism, was published just after the collapse of a speculative bubble in the market for contemporary art. Now, roughly a decade later, Three Cases of Value Reflection: Ponge, Whitten, Banksy arrives contemporaneously with a series of meteoric high-dollar sales of NFTs (“nonfungible tokens”), a class of digital nonobjects that seems to reduce art to pure speculative value and the subject of a market bubble that seems to have burst with unusual speed. The idea that a work of art need not take material form at all is not particularly novel, nor is the idea that such a work might be bought or sold. The NFT phenomenon does, however, renew long-standing questions regarding the relationship between an artwork’s material form—or lack thereof—and its monetary worth. Is it possible that the perplexing relationship between the two might be clarified and retooled for a purpose other than the fabrication of speculative market value?