“It’s colloquially been called Modest Abstraction, Neo-Modernism, M.F.A. Abstraction, and Crapstraction. (The gendered variants are Chickstraction and Dickstraction.) Rhonda Lieberman gets to the point with “Art of the One Percent” and “aestheticized loot.” I like Dropcloth Abstraction, and especially the term coined by the artist-critic Walter Robinson: Zombie Formalism.”
Jerry Salz on Zombie Formalism.