Potentially, the labor and skill involved in the production. While speculation does play a part, so does the rarity, difficulty of production, & skill needed in the creation of the art. You may argue whether that justifies the price, but at least there is labor and material evidence, while stocks and property don’t necessarily need any real evidence of value to be valued, especially in our current economic climate.

Not really. They use Ivy League schools more for making connections with other wealthy people and getting jobs through those connections than actually learning anything.