That's one of the most retarded things I've ever heard. If any oversimplified theory holds, I'd say that during "bad times" or crisis times, art splits. The most sensitive art goes really super deep underground, and people who have enough money (aka tons of money to not have to work for a living) copy the most superficial aspects of the better art and showboat it around as just another part of their game.

Compare the 90's to the 00's, and the differances are obvious.