How we ended up with the monstrosities of today’s art

“As government money has replaced sound money, patrons with low time preference and refined tastes have been replaced by government bureaucrats with political agendas as crude as their artistic taste. Naturally, then, neither beauty nor longevity matters anymore, replaced with political prattling and the ability to impress bureaucrats who control the major funding sources to the large galleries and museums, which have become a government-protected monopoly on artistic taste and standards for artistic education. Free competition between artists and donors is now replaced with central planning by unaccountable bureaucrats, with predictably disastrous results.  In free markets, the winners are always the ones who provide the goods deemed best by the public.  When government is in charge of deciding winners and losers, the sort of people who have nothing better to do with their life than work as government bureaucrats are the arbiters of taste and beauty.  Instead of art’s success being determined by the people who have succeeded in attaining wealthy through several generations of intelligence and low time preference, it is instead determined by the people with the opportunism to rise in the political and bureaucratic system best. A passing familiarity with this kind of people is enough to explain to anyone how we can end up with the monstrosities of today’s art.”

The Bitcoin Standard—The Decentralized Alternative to Central Banking, p. 101, Saifedean Ammous