Why do people buy these ridiculous paintings so expensive?

I am not an artist, but I do appreciate art. I do appreciate the time and effort artist put into their work and there are some works of art that really inspires you.

What I cannot seem to understand is how some paintings are called master pieces when they look like they were done in just 1hour or some kid tried messing with brushes.

This is by Cy Twombly – sold for $69.6 Million

I can do this in thirty minutes. How did anyone think this is beautiful?

Painting by Blinky Palermo – $1.7 Million

Peinture (Le Chien) by Joan Miro – $2.2 Million