Yes, I would invest in Independent Arts, but as part of my total portfolio, not just one or the other.
If we're talking about art in the for as physical art-work. I believe there is already a tremendous art market, already. And, buyers and sellers deal in that with the same basic principles of speculation, as with the stock market.
Other-wise, if you're asking about performing artists; well, they have a price too. And, investors may decide to sign them into some sort of contract, or another.
Some investors may decide to back independent film-makers, by paying for some or all of the production costs. Then, they hope they are able to sell the movie to a larger company, for a profit.
I like the idea of owning a studio with artists that actually do some of their art-work there, at the studio where it's sold.