I’m no AI bro, but I do think this concern is a bit overblown. The monetary value in art is not in simply having a picture of something, a whole infamous subset of “modern art” commands high prices despite being simple enough that virtually anybody could recreate it. A lot is simply in that people desire art created by a specific person, be it a painting that they made, or commissioning a still active artist to create something, or someone buying a band’s merch to support their work. AI simply does not have the same parasocial association to it. And of course, it doesn’t at all replicate the non-monetary value that creating something can give to someone.
I can, at most, imagine it getting integrated into things like advertising where one really doesn’t care who created the work; but even then there’s probably still value in having a human artist review the result to be sure of it’s quality, and that kind of art tends to add the least cultural value anyway.
That isn’t zero impact obviously, that kind of advertisement or corporate clip art or such does still pay people, but it’s a far cry from the end of creative human endeavor, or even people getting paid to be creative.
I feel like just talking about the buying power of money or even the ability to effectively duplicate stuff is missing something: assuming your time travel actually allows you to change the past, and it doesn’t just end up in a situation where you can only fulfill a timeline that always existed, you can take technology to the past too.
Go back to the beginning of civilization and give them current technology (or even the beginning of time, and found a new civilization there). Then do it again (or if you don’t, someone else will eventually) with the new tech developed off the existing stuff over time. Repeated ad nauseum, you end up with a situation where civilization has and since the beginning has always had, every single technology it is physically possible to create.
You get the same kind of issues as “the singularity” (the concept where a super intelligent AI improves itself exponentially until it is as powerful as is possible to be). As such, our entire concept of markets and money and economy are likely completely obsolete, because find yourself in a universe populated by something as close as is physically possible to become to gods.