On the other hand, collectors who are rich, dedicated, and informed are a huge component of the total money spent on modern art, and are big players (iconic example: the Guggenheims). They can end up having a tremendous influence on the art world.
Bottom line: don't feel sorry for art collectors. And if you collect art, buy what you like! Not what people tell you you ought to like!
Indeed, I worry less about it with art than most other things. Most art I've seen is produced by people who are sincere about it. Their art may be bad, or at least not my thing, but they're not going to spend a month making something without meaning to them.
I think most of the real scams in the art world are at the very high end. E.g., I think Damien Hirst is a marketing genius and a weak artist. Chihuly too. But if you're going to drop $10k-$10m on a piece of art, I'm just going to have to trust that you know what you're doing.