It warps and stifles artists and the art world. An artist knows that only maybe 5% of artists manage to survive financially off their work, and maybe 1% become wealthy. Knowing that there is that lottery ticket, and that the odds can be boosted by catering to the whims of the ultra-rich and engaging in their cynical high-end social politics, that's hard to resist for many who are otherwise looking at being forced out of a beloved career or living in poverty. Many take the bait without realizing they're doing so, or somehow attempt to split the difference. Either way, it eventually causes some very fundamental psychic distress, and both artist and output suffer.