Michael Lind tries to make the case in The Smart Set:
There is still an art world, to be sure, in New York and London and Paris and elsewhere. But it is as insular and marginal as the fashion world, with a similar constituency of rich buyers interacting with producers seeking to sell their wares and establish their brands. Members of the twenty-first century educated elite, even members of the professoriate, will not embarrass themselves if they have never heard of the Venice Biennale.
Many of the Arts Formerly Known as Fine seem to have lost even a small paying constituency among rich people, and live a grant-to-mouth existence. In the old days, bohemian painters lived in garrets and tried to interest gallery owners in their work. Their modern heirs — at least the ones fortunate to have university jobs — can teach classes and apply for grants from benevolent foundations, while creating works of art that nobody may want to buy. Born in bohemia, many aging arts have turned universities into their nursing homes.
What happened? How is it that, in only a generation or two, educated Americans went from at least pretending to know and care about the fine arts to paying no attention at all?
The late Hilton Kramer, editor of The New Criterion, blamed the downfall of the fine arts on purveyors of Pop Art like Andy Warhol. And Jeff Koons, who replaced Arnoldian “high seriousness” and the worship of capital-c Culture with iconoclasm, mockery, and irony. A Great Tradition of two millenia that could be felled by Andy Warhol must have been pretty feeble! But the whole idea of a Phidias-to-Pollock tradition of Great Western Art was unhistorical. The truth is that the evolution (or if you like the degeneration) from Cezanne to Warhol was inevitable from the moment that royal, aristocratic and ecclesiastical patronage was replaced by the market.
Having lost their royal and aristocratic patrons, and finding little in the way of public patronage in modern states, artists from the 19th century to the 21st have sought new patrons among the wealthy people and institutions who have formed the tiny art market. It was not the mockery of Pop artists but the capitalist art market itself which, in its ceaseless quest for novelty, trivialized and marginalized the arts.