I think chess is a good preview of short-term influence of LLM on art.

People still do chess, and people still pay to watch other people do chess, despite even the worst chess engines defeating best humans without problems. I'd even say embracing "we all suck" led to resurgence of chess popularity. If everybody suck then it's ok to suck at chess and still do it.

Watching chess engines compete is a more niche entertainment than watching less skilled humans do the same, it doesn't matter that the quality of the human games is objectively much worse.

AI-generated art will make some kinds of art less "professional" and more of an hobby. And it will create whole new kinds of art.