Some paintings which look like random strokes by a little kid are auctioned off at huge prices. Can someone clarify what is special about these paintings that makes them so great?

Nothing “real” TBH.

Artsy stuff is something referred to in economics as “Veblen Goods”- contradiction to “normal” law of demand- wherein Demand increases with Price, and vice versa.

Now there are multiple “legit” reasons why such goods come about- perceived quality or mere Brand perception- but in case of Artsy stuff, I personally doubt it's as innocent. Thing is- when we consider Art Valuation, NONE of the stakeholders involved are truly independent or have any incentive to be objective.

No one- neither the Artists themselves nor the Galleries nor the Critics nor the Auction Houses nor the Buyers- has ANY incentive to be truly objective or to do ANYTHING other than over-value the “Art”.

The Art World is particularly opaque, even among Velben markets, since one can- given enough Data- quantify the value of other such products but doing so for a Painting or an Artist's ability is all but impossible, given there's actually nothing “real” to base it on.

The field of High Value Art itself has such high barriers of entry, such vague requirements for success, and such mercurial gatekeepers that any sensible observer would rightly brand it “rigged”. And yet there are none, for you'll always have armies of yes-men rushing around to justify their expensive Arts Degrees, crowing about how Pollock's vomit-stain paintings actually comprise of Fractals or how Hirst's dots are genius instead of being the assault on people's intelligence that they are.