[drdrek]

Its the first player past the goal post problem, the first alchemist will crash the gold market but he will be insanely rich. You can see this with advertisers, when a new approach is found they all rush to it. They know its going to kill it soon, but the first few will get that sweet sweet revenue before the public catches on.

AI art will poison the well, but someone will make the few bucks that can be extracted before it happens.

[recursivecaveat]

Always thought it was a strange objection. Obviously the argument proves too much: by the same logic there is no point in inventing or operating say a wheel; the price of pots will just fall to the price of clay. Of course that isn't true, you make money hand over fist until reaching some kind of perfect competition again once everyone else catches up, at which point it becomes merely a living.