[mostlyghostly]

Yes and No.

Most paintings don't have (much) value. Behold my latest work, the brown ring of quality... do I hear... 5 cents?

A few paintings have value, primarily due to the fame of the artist or the history of the piece (It hung <place>). Supply is frequently capped by the fact the artist is dead...

[agravier]

Yes, the historical and social context, etc, which are subjectively valued. I expect that those who purchase NTF with the hope that they appreciate also count on the value of the token being part of a "limited collection", or being one of the first (an NFT from 2021 becoming a "historically significant" thing due to being one of the first ever produced), or such speculative considerations.