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Art hadn't been properly commodified yet because the technology for mass produced art didn't exist. They still needed artisans and artists, so they had to fund the arts if they wanted to see any created. They didn't appreciate art more, per se, but they saw it as fundamentally different from other widgets.
This is no longer the case. With the advent of photography, film, digital information, and of course the internet we now see profitable "art" without any need to fund it with philanthropy. Aside from one-off public works projects they can fund by stealing public funds, they can only imagine art through the lens of profitability and have no understanding of the amount of free time and energy that has gone into creating so much of the art that exists today.
There is no Medicis in 2023. Instead you get Marvel.
Now I want a marvel/Medici crossover!
Bang on.
Whenever I see people ask whether “AI will replace artists” I am forced to confront the fact that to the tech set everything is just a product and the only value is what you can get for it when you sell it.