[john_b]

> "valuable"

Your post only uses that word in its economic sense. Thus statements like this:

> "Over time economic cycles destroy things that were once valuable."

Are tautologies, not arguments. The set of things which people find valuable (in the subjective sense of the word, not the economic one) and the set of things which people will pay for are not equal. A great many important works of art were once produced under a patronage system, in which only one person found the artist's work "valuable".

The reason patronage as a system is no longer as prevalent as it once was is because it was once a status symbol, whereas now it is just seen as some sort of hipster endorsement of some niche thing. The ability to offer patronage to an artist was once a display of great wealth and personal connections; now it means you have an internet connection and a few spare bucks. Maybe it can still work, but the social significance of the system has changed.