This argument has bothered me since you first used it. While you initially call it about taste, you then divert from that to include things like skill and "emotional power", which I assume is the impact a work of art makes on the audience or society at large.
You put a well known master up against an unnamed work with no background on the intent of the work, what statement it is making, etc. This is why I don't accept this type of argument or comparative examples, because one is loaded with a history of reverence, and the other has nothing behind it - this is intentional I know, but it makes the argument somewhat spurious to me.
A better comparison would be another artist from the era who can paint with equal skill, takes on similar subjects, yet doesn't have the fame. To me, this is where your arguments for "greatness" or whatever the term of the day is, fall apart. I don't think anyone can deny that there are very talented artists out there who's works are not held in such reverence, but there's no good reason for it when you look at the works on their face value. As you said earlier in the thread, being in the right place at the right time, has a lot to do with this...luck unless you are believer in fate.
But to me here is the cigarette butt work in a real life example...
Barnett Newman's "Voice of Fire" at the National Gallery of Canada. Painted in 1967, purchased in 1990 for $1.8 million, it is now valued at over $40 million. It is acrylic on canvas, is 213 inches X 94 inches, and consists of 3 vertical stripes.
"intrinsic beauty, emotional power, or the level of skill"
Okay intrinsic beauty? Not really...I mean I like stripes but are these the best stripes I've ever seen? Better than pink and green together, but is there real beauty there?
Level of skill? Roller and two cans of paint...
Emotional power? Mostly puzzlement and then outrage that money was spent (taxpayer money) for this work. Oh and the controversy that ensued when they found out it was originally hung upside down by the gallery, although I personally cut them some clack on this one - unless there is a "this side up" instruction on the back, I can see how this mistake was made.
I've seen this work in person at the gallery, so for those who insist that this isn't about the flavour of the day and all that, just one question:
What makes this worth $40 million in terms of it's "intrinsic value"?
I understand the market believes it's worth this much, but that is not intrinsic value, but market value...