Ninety percent of everything is crap (he actually used the other word).
He was talking about writing, but it could apply to art. I clinge to the hope he was wrong.
I realize that this is old news (almost 50 years old) but I had never heard of it before (I did have to clean up the text a bit):
The work is a tin can in an edition of 90 labeled in Italian, English, French and German with the description
"Artist's S***", contents 30gr net freshly preserved, produced and tinned in May 1961.
I was reading about this just now in "How Pleasure Works" by Paul Bloom. According to the book one of the odd twists about this 'work of art' is that the artist played a bit of a trick on the buyer. Or at least some of the buyers. The cans were supposedly autoclaved to kill the bacteria, but the artist reportedly deliberately sabotaged the sterilization process for about half of the cans. As a result there were subsequent problems with cans leaking. The stuff just wanted to get out.
There are also reports that some of the cans actually contain something other than the reported contents.
It's hard to imagine paying over $50,000 for a can with unknown, unverifiable contents and a profane label. It's also a bit hard for me to call that 'art'.