I think the idea is to replace more-wasteful wealth signaling with less-wasteful. I don't think this is meant to be a part of the economy which everyone partake

I think the idea is to replace more-wasteful wealth signaling with less-wasteful. I don't think this is meant to be a part of the economy which everyone partakes of - it's for people who would instead buy yachts and jets. It seems possible to make private art more cool than private jets, at least in some circles. But I suspect that the overall effect on resource consumption would be smaller than OP thinks.