Do you really call this art?

I’m curious what the general consensus thinks about this article:

http://news.bbc.co.uk/2/hi/entertainment/3701484.stm

I know, it’s a 4-year old doing this, but the paintings just seem like random splotches of paint on a big canvas. Would any of you, given you have the resources, pay for something like this to hang on your wall?

I know somewhere in Soho, there’s a painting that consists of 3 big blocks of colors that’s selling for millions.

Is this what we consider contemporary art now?

Now a rant, just curious.