This a delightful little video (brought to my attention via Laughing Squid). I recommend that you watch it and then read the following essays on Roger Corman’s A Bucket of Blood, a film that sends up the artworld in much the same way as the above video:
What Doug and Mikael do in their “gallery hijack,” and what Roger Corman and screenwriter Charles B. Griffith do in A Bucket of Blood, is simply demonstrate the absurdity in how the artworld operates in practice. But I’ll let the works speak for themselves. For a broader look at this topic, I also recommend Exit Through the Gift Shop (Banksy) and F for Fake (Orson Welles).