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The Metropolitan Museum of Art says its upcoming exhibition, “ Krasner and Pollock: Past Continuous ,” is a “story of equals.” Set to open in October, the survey brings together 120 works by more than 80 lenders, with an explicit focus on considering Jackson Pollock and Lee Krasner “on their own terms” while also placing them in relation to one another.

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That is the museum’s version of the story. But the art market’s version is harsher, simpler, and much more familiar: Pollock remains one of the great trophies of 20th-century art.…