I definitely believe this is true.
I have also recently become interested in a form of art which might not be considered art by all.
Here are a two of my favorite recent editorial pieces.
Only an artist like the legendary Karl Lagerfeld, current heir of the House of Chanel, can design a bag with his face on it and sell it for around $2,000. As much as people want to down fashion; all they have to do is look around because whether everyone likes it or not, everyone is judged by what they wear. Fashion is Art as much as Art yuppies would like to disagree they know it all comes back to sketches and Adam & Eve had to worry about what they were going to wear before they called their art dealer for a new Van Gogh or Warhol. =)