Status Symbol

Art has been a status symbol for as long as it has existed - though it has changed formed dramatically. Back in the days of the Greeks and Romans, emperors and wealthy merchants collected art to adorn their homes, to tell stories, to commemorate fathers and brothers who'd come home from war. Art became a status symbol purely because those without wealth and some sort of status or officially recognized business couldn't afford it. 

But as the arts and society progressed and evolved (and art became less of a craft and more of a art), the arts became more than just a marker of wealth. People were looked upon fondly if they could recall Ovid, or the Temple of Artemis or if they could discuss Leonardo. Art became something exclusive - that is, not everyone had the faculties (most likely, this means the wealth in order to be educated in something unessential to one's well-being) to appreciate art. Art, in this period, becomes something for the educated, superior, and wealthy class. 

For the most part, the arts have remained in this station. The one major change was the democratization of the study of art history. 50 or 60 years ago, there were few educational institutions which would teach art history - it wasn't a subject in school the way it is today. There weren't the plethora of students learning about Modernism, Medieval Art or Mannerism. Because of this educational shift, there are suddenly many more individuals both expert at and interested in the arts. This has brought a bottom up democratization to the field. 

While art still remains a major status market, it doesn't have the same cache as it once did. Most everyone knows the major artists of the day and of the recent past. Most everyone can point out the differences between a Van Gogh and a Damien Hirst. But, still, not everyone can afford these luxuries. That remains the distinguishing factor in the arts - no longer knowledge but a return to status as marked by wealth.